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Dec 17, 2024
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ECON 1030 - Principles of Microeconomics
Basic theory and economic analysis of prices, markets, production, wages, interest, rent, and profits. Analysis of how the capitalistic system determines what, how, and for whom to produce.
Requisites: Math placement level 2 or higher or C or better in MATH 1200
Credit Hours: 3
OHIO BRICKS Pillar: Social or Behavioral Sciences
General Education Code (students who entered prior to Fall 2021-22): 2SS
Repeat/Retake Information: May be retaken two times excluding withdrawals, but only last course taken counts.
Lecture/Lab Hours: 3.0 lecture
Grades: Eligible Grades: A-F,WP,WF,WN,FN,AU,I
Course Transferability: OTM course: TMSBS Social & Behavioral Sciences, TAG course: OSS004 Microeconomics
College Credit Plus: Level 1
Learning Outcomes: - Students will be able to define resources and wants and relate to scarcity and opportunity cost using everyday examples in their family, community, country and/or the world.
- Students will be able to discuss the role of rational consumers in society in the pursuit of utility maximization.
- Students will be able to discuss the role of rational producers in society in the pursuit of profit maximization.
- Students will be able to describe the incentives that govern consumer and producer behaviors in an efficient market economy.
- Students will be able to analyze the effect of different market structures on consumer and producer surplus.
- Students will be able to describe the behavior of economic agents in an always evolving, interactive, world of demand and supply.
- Students will be able to summarize the costs and benefits of public policy market interventions in relation to governmental responsibilities where market externalities exist.
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