ECO-211 Principles of Microeconomics

This is an introductory course dealing with the methods and principles of microeconomics and how to better understand economic behavior and economic decision-making. Specifically students will understand the fundamental concepts of microeconomics dealing with the characteristics of market structures, how business firm prices, costs, and profits are determined. In addition, students will learn how resource prices are established and what specific roles of government are within the market system. This course carries SUNY General Education Social Sciences credit.

Credits

3

Department

• Business

Semesters Course Will Be Offered

• Fall
• Spring

For more detailed course information view the Course Outline

ECO 211: Principles of Microeconomics

Department

Business

Course Description

This is an introductory course dealing with the methods and principles of microeconomics and how to better understand economic behavior and economic decision-making. Specifically students will understand the fundamental concepts of microeconomics dealing with the characteristics of market structures, how business firm prices, costs, and profits are determined. In addition, students will learn how resource prices are established and what specific roles of government are within the market system. This course carries SUNY General Education Social Sciences credit.

Credit Hours

3

Contact Hours

Lecture	3
Lab	0
Other	0

Grading Scheme

Letter

Semester(s) Course Will Be Offered

Fall, Spring

SUNY General Education Course

• Social Sciences

Course Learning Outcomes

1. Evaluate how prices are determined in the goods and labor market and which factors influence and shape these markets.
2. Analyze various concepts of elasticity as they relate to consumers, businesses and government.
3. Compare and contrast the various forms of market structures in a market economy and how these structures affect consumers, companies, and the government.
4. Identify the role of government (local, state, and federal) within the marketplace, and how it positively and negatively impacts market outcomes.

Topic Outline

1. The nature and method of economics in dealing with consumer and business choices
2. Supply and demand and their determinants
3. Market equilibrium and its problems and solutions
4. Elasticity of demand, supply, income and cross price
5. Production costs in the short run and long run perspectives
6. Price, output and profit determination in the various market structures/industries
7. The demand for economic resources: labor, rent, interest and profits
8. Role of government: regulation, antitrust and public goods
9. Comparative advantage, specialization and trade