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