Principles of Microeconomics - TCSU ECON 120
Description
This is an introductory course focusing on choices of individual economic decision-makers. Topics include: scarcity, comparative advantage, market equilibrium, elasticity, cost theory, market structures, factor markets and market failure.
Recommended Preparation
College Composition
Prerequisites
Algebra II (the CSU freshman entry requirement) or Equivalent
Minimum Unit Requirements
3 semester units
Course Topics
(Representing at least 80% of course coverage)
1.
Fundamentals of economic thinking
2.
How markets operate
3.
Elasticity of demand and supply
4.
Price controls, taxes and their effects on markets
5.
Production costs
6.
Market structure
7.
Market failure and public policy
8.
Factor markets
9.
Comparative advantage/International trade
Student Learning Outcomes
Upon successful completion of the course, students will be able to:
1.
Define scarcity, and show how it relates to the concepts of choice and cost;
2.
Outline the role of comparative advantage in exchange;
3.
Explain how prices are determined and the role of prices in allocating goods, services and factors of production;
4.
Define and apply the concept of elasticity;
5.
Explain the economic behavior of individual firms in the short run and long run;
6.
Use microeconomic models to illustrate how prices and output are determined in various market structures;
7.
Define economic efficiency and compare the implications for economic efficiency under different market structures; and
8.
Identify instances of market failure and evaluate alternative strategies to improve outcomes.
CAN Equivalent
CAN ECON 4 (Equivalency ends Fall 2010)
International trade should be covered in either microeconomics or macroeconomics but need not be covered in both courses.
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