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Economics 106

ECON 106: Principles of Microeconomics

Prerequisite: None

Credit Hours: (3)

Econ 106 concentrates on microeconomics: elasticity of demand and supply, consumer and producer behavior, market structure, labor market analysis, and general equilibrium.

 

Detailed Description of Content of the Course

Students will be introduced to the science of economics, particularly to the study of markets and degrees of competitive behavior. Students will learn the "economic way of thinking" through studying optimizing behavior. Students will learn basic structures in both the product and factor markets, and relate those concepts to real world activities. Students will build a foundation for the continuing study of economics.

Topic Outline

1. Definitions
2. Methodology
3. Review of Supply and Demand Concepts
4. Demand, Supply, and Elasticity
5. Utility Theory and Consumer Behavior
6. Supply and Costs of Production
7. Market Structures
8. Production and the Demand for Resources
9. Pricing and Employment of Resources
10. Labor Unions and Collective Bargaining
11. General Equilibrium

 

Detailed Description of Conduct of the Course

The following teaching strategies will be employed:

  • Lectures, simulations (game theory), video presentations, guest speakers.

 

Goals and Objectives of the Course

1. Explore the economic way of thinking, the economic problem, using graphs, and marginality.
2. Discuss supply and demand concepts, graphical analysis, elasticity, utility theory and consumer behavior, and cost of production.
3. Examine market structures: perfect competition, monopoly, oligopoly, and monopolistic competition.
4. Discuss resource markets, demand for resources, pricing and employment of resources, labor unions and wage negotiations.
5. Examine general equilibrium analysis.
6. Discuss international economics, comparative advantage, trade, international finance, antitrust, and environmental issues.

 

Assessment Measures

Tests, homework, reports, presentations, class participation. Grades and percentages depend on individual professors.

 

Other Course Information

 

Review and Approval

Date Action Reviewed by
December 2004 Made alterations to syllabus N. Hashemzadeh, Chair

Revised    4/13/09    C. Vehorn