Apr 17, 2024  
2023-2024 WWCC College Catalog 
    
2023-2024 WWCC College Catalog

ECON& 201 - Micro Economics


Credits: 5
LEC hours per week: 5
Introduction to microeconomics as applied to production, consumption, and marketing issues in the business and production sectors of the economy. Topics include supply/demand theory, consumer choice theory, production theory, and costs of production. Formerly: ECON 202.
Course Outcomes:
  • Define and explain economic terms.
  • Use formulas to calculate values for given data. Such as, elasticity, time value of money, costs, revenues, and Profit.
  • Create graphical representation of data. Such as, production function, cost curves, supply, demand, indifference curve, production possibilities curve, budget line.
  • Interpret graphs to detect patterns.
  • Interpret data to make economic decisions.
  • Evaluate the effects of changes in demand and supply on the market price and equilibrium quantity and explain the rationing function of prices.
  • Describe advantages and disadvantages of various forms of business organization.
  • Compare and contrast characteristics and output / pricing decisions of perfectly competitive firms to the imperfectly competitive solutions.
  • Explain the rationale for government regulation of business and their effects.
Course Topics:
  1. Economics as a science
  2. Creating and interpreting graphs
  3. Scarcity and the World of Trade-offs
  4. Demand and Supply
  5. Consumer Choice
  6. Elasticity
  7. Rents, Profits and the Financial Environment of Business
  8. The Firm: Cost and Output Determination
  9. Market Models
  10. Regulation and Antitrust behavior
Course Attribute(s): Social Science