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Standard |
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R State Standard £ Institutionally
Developed College: N/A |
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ECO 2106 – Principles of Microeconomics |
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Course
Description |
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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 be able to: |
Hours |
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Class |
D.Lab
|
P.Lab/ O.B.I. |
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Basic
Economic Principles |
8 |
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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Theory of
the Corporate Firm |
5 |
0
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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
System |
12 |
0
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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 Regulation |
12 |
0
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0 |
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Maps,
Bundle, Curves, Rate Transformation and Substitution, Budget Constraints and
Consumer usage |
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. |
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Understand
the theory of price. |
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Differentiate
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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Describe
the transformation to digital. |
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The
concept of scale and scope Government regulations |
Understanding
the meaning and relevance of each in a Web-based economy. |
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Understanding
regulations impact. |
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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 |
8 |
0
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0 |
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Trade
concepts |
Beginning
trade concepts, exchange rates, international economics. |
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Suggested
Resources |
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Media |
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Print |
Perloff,
Jeffrey M. (2001). Microeconomics. (2nd ed). Boston: Addison-Wesley |
Posted: 10/08/08