Standard |
Provides a description and analysis of microeconomic operations in contemporary society. Emphasis is placed on developing an understanding of microeconomic concepts and theories as they apply to daily life. Topics include: basic economic principles; theory of the corporate firm; market system; market structure, pricing, and government regulation; resource markets; and international trade.
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Competency Areas |
Hours
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Basic Economic Principles |
Class |
5 |
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Theory of the Corporate Firm |
D. Lab |
0 |
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Market System |
P. Lab/O.B.I. |
0 |
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Market Structure, Pricing, and Government Regulation |
Credit |
5 |
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International Trade |
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Prerequisite: |
Program admission |
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Corequisite: |
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Course Guide |
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Competency |
After completing this
section, the student will: |
Hours |
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Class |
D.Lab |
P.Lab/ O.B.I. |
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BASIC ECONOMIC PRINCIPLES |
7.5 |
0 |
0 |
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Concepts |
Fully understand the graphic representations of supply/demand/equilibrium/elasticity/price rationing and price sensitivity. |
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Demonstrate an understanding of capitalism. |
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5 |
0 |
0 |
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Concepts |
Short-run and long-run concepts, average, fixed, and marginal costs concepts, returns to scale, price and competition. |
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MARKET SYSTEMS |
12.5 |
0 |
0 |
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The fine market system |
Consumer choice and preference. |
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The concept of utility, budget constraints, indexes and impact on the firm. |
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MARKET STRUCTURE, PRICING, AND GOVERNMENT REGULATIONS |
12.5 |
0 |
0 |
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Fully understand preference maps, bundles, indifference curves, marginal rates of transformation, marginal rates of substitution (isoquant/isocost curves), concavity/convexity, budget constraints, consumer theory/consumer choice, indexing and its purpose. |
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Consumer/producer welfare, production possibilities curve, technologies impact on productivity, pricing and price strategies and trade concepts |
Fully understand the production possibilities curve in production and as a technology frontier. Understanding the theory of price |
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Differentiated product use for profit maximization. |
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The Digital/Web-Based Economy |
Introduction into the concept of Web-based information goods, pricing of those goods (versioning), and knowledge diffusion. |
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The impact of the Internet and its function. |
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The impact of using banking services on-line. |
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Transformation to Digital. |
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The concept of scale and scope |
Understanding the meaning and relevance of each in a Web-based economy. |
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Government regulations |
Understanding regulations impact. |
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RESOURCE MARKETS |
5 |
0 |
0 |
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Price theory |
Complete understanding of price theory, price ceilings and floors, economic shock of an oil embargo (Cartel power), short-run and long-run concepts and resources. |
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INTERNATIONAL TRADE |
7.5 |
5 |
5 |
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Trade concepts |
Beginning trade concepts, exchange rates, international economics. |
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Suggested Resources |
Perloff, Jeffrey M. (2001). Microeconomics (2nd ed). Boston: Addison-Wesley.