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Dec 06, 2024
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2023-2024 WWCC College Catalog [ARCHIVED CATALOG]
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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:
- Economics as a science
- Creating and interpreting graphs
- Scarcity and the World of Trade-offs
- Demand and Supply
- Consumer Choice
- Elasticity
- Rents, Profits and the Financial Environment of Business
- The Firm: Cost and Output Determination
- Market Models
- Regulation and Antitrust behavior
Course Attribute(s): Social Science
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