Principles of MicroeconomicsECN 222W
Prerequisite: ECN 221. Studies the behavior of individual decision making units of the economy. Includes foundations of supply and demand, business behavior based on market structure, regulated business, international trade and finance, and selected current topics. (60-0)
Outcomes and Objectives
Understand how elasticity and utility form consumer demand.
- Summarize how elasticities affect supply and demand of a good.
- Using marginal analysis explain how consumers maximize their budgets.
- Apply examples of different elasticity to real world scenarios.
- Demonstrate how changes in income and prices affect the consumer’s decision making process.
- Calculate elasticities and how the different elasticities impact quantity.
Explain business behaviors through market structure and marginal analysis.
- Identify the goal of the traditional firm.
- Differentiate between economic costs and profits and accounting costs and profits.
- Compute and graph the firm’s cost curves.
- Apply marginal analysis to explain how firms can maximize their short run and long run profits.
- Identify the assumptions behind the various market structures.
- Graphically depict the profit maximizing price and output, while showing firm profits or losses for each market structure.
- Compare and contrast different market structures.
- Analyze market failure using marginal analysis.
- Apply current economic events to market theory.
Explain why economists are generally for free trade.
- Demonstrate an awareness of the impact of a global economy on the U.S. economy including employment, job patterns, and industry shifts.
- Demonstrate an understanding of absolute and comparative advantage and why nations can gain from trade.
- Identify and describe the types of protectionist trade restrictions and their rationale.
- Describe and graphically illustrate the various forms of protectionism and summarize the arguments for and against them, including how they affect production, consumption and trade.
Demonstrate an understanding of exchange rate models.
- Discuss the U.S.’s Balance of Payments accounts and role of a nation in the global economy.
- Describe and evaluate trade theory, its policy implications, and its impact on the macro/micro economy.
- Explain the trends and patterns in international trade.
Write effectively for a specific audience and purpose.
- Articulate clearly important ideas.
- Select, organize, and present details to support a main idea.
- Employ the conventions of written, edited, standard English.
- Use appropriate vocabulary for the audience and purpose.
Promote learning and demonstrate learning concepts through writing.
- Understand and analyze information in written form.
- Explain the subject matter in a coherent writing style.
- Evaluate the information.