COPE TTS | Evaluated Learning Experience
ECO 101 Microeconomics
Varies (self-study; self-paced).
October 2022 - Present.
Upon successful completion of the course, students will be able to: use the basic terminology of microeconomics; apply microeconomic principles to develop accurate assessments of markets and firms; apply the concepts of scarcity and opportunity cost to decision-making; think opportunistically based on real world economic principles; identify market equilibrium and how it affects the welfare of individuals and companies; identify changes in supply and demand, as well as their impact on market equilibrium; discuss the elasticity of demand and supply, as well as how they affect choices of individuals, companies and the government; understand how different market structures affect equilibrium and welfare outcomes; identify market failures and understand how economic and social policies affect market equilibrium and welfare outcomes; and contrast the mechanisms of firm pricing and output in a competitive market, monopoly, monopolistic competition, and oligopoly.
This proficiency exam introduces the principles of microeconomics and the microeconomic way of thinking and also explores the theoretical framework for analyzing the economic behavior of individual decision-makers, such as consumers, workers, firms, and managers. Topics include supply and demand, elasticity, market efficiency, how government policies - particularly taxation - impact markets, externalities, costs of production, and the firm pricing and output in a competitive market, monopoly, monopolistic competition, and oligopoly.
In the lower division baccalaureate/associate degree category, 3 semester hours in Microeconomics, Business, or as a general education elective (3/23).