ECON1106 — Principles of Microeconomics
ECON 1106 - Principles of Microeconomics ECON 1106 - Principles of Microeconomics 3 Credits Introduces students to the supply and demand analysis of prices and production under different market structures, the role of government in a market economy, international trade and exchange rates, and income distribution and the pricing of economic resources. Discuss the factors that affect the supply of and demand economic resources like labor and capital. Explain the concept of utility and how it affects consumer choices. Differentiate between absolute and comparative advantage and explain the causes and impact of protectionist policies in markets. Use marginal analysis to explain maximizing behavior of firms and individuals. Describe market failure, the conditions that may lead to market failure, and government’s intervening role and policies. Use the supply and demand model of markets to determine equilibrium price and quantity in many types of markets including exchange rate markets. Explain and apply price elasticity of demand and supply and their determinants. Use the demand and supply model of markets to describe the impact of government price ceilings and supports (floors) and taxes and subsidies. Apply and practice the economic way of thinking (scarcity, opportunity cost, and choice) to analyze issues in the U.S. economy and students’ personal lives. Minnesota Transfer Curriculum (MNTC) Goals 08 - Global Perspective 05 - Hist/Soc/Behav Sci
Prerequisites: MATH0840