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.