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National College Credit Recommendation Service

Board of Regents  |  University of the State of New York

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National Paralegal College | Evaluated Learning Experience

Microeconomics (ECO-101)

Location: 
Various, distance learning format.
Length: 
144 hours (8 weeks).
Dates: 

Varies; self-study format. 

Instructional delivery format: 
Online/distance learning
Learner Outcomes: 

Upon successful completion of this course, students will be able to: define opportunity cost, scarcity, choice, and various economic systems; demonstrate supply and demand curves, identify/calculate market equilibrium and demonstrate effects of changes in demand and supply on market equilibrium; delineate the concept of elasticity, including price elasticity of demand, cross-elasticity of demand, income elasticity of demand, and elasticity of supply; express efficiency as a trade off between marginal benefit and marginal cost; identify consumer surplus and producer surplus on a graph and explain efficiency subsidies; outline inputs to the labor market including minimum wage, taxes, and subsidies; discuss and show the interplay between consumption choices, marginal utility theory, and the maximization of utility subject to a budget constraint; explain the firm and its economic problem (profit maximization, types of business organization, market sources in the United States economy); relate a firm's technology and cost functions, short run versus long run, and economies of scale; characterize perfect competition, as well as the firm's decisions in perfect competition, equilibrium and efficiency under perfect competition; define monopoly including price setting strategies, equilibrium and efficiency under a monopoly; compare and contrast monopolistic completion and monopoly; ascertain a market as an oligopoly including identification of characteristics of this market structure and give examples; discuss effects of government regulation of the market, the economic theory of regulation; and the antitrust laws; categorize externalities and their effect on markets and prices and provide examples of positive and negative externalities and offer solutions in dealing with them; and classify public goods and explain the free-rider problem, common resources, and the public choice.

Instruction: 

This introductory course is for students with no prior background in Microeconomics, yet have a working knowledge of High School Algebra. The instructional approach is mostly non-quantitative on the demand and supply of goods, the economic behaviors of households and firms and their interactions, and market structures. Students also study situations where a competitive market fails to function efficiently and possible strategies and solutions and acquire basic analytical tools useful for a variety of economic problems in their daily lives. Major topics include: cconomics; demand and supply; elasticity; efficiency and equity; government actions in markets; organizing production; output and costs; perfect competition; monopoly; monopolistic competition; oligopoly; externalities; public goods and resources. Evaluation criteria include: required readings, essay assignments, class participation, and final exam.

Credit recommendation: 

In the lower division baccalaureate/associate degree category, 3 semester hours in Microeconomics, Principles of Economics, or Business (1/13) (3/18 revalidation).

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