ECON 202 - Principles of Microeconomics

1. Apply economic models to illustrate the concepts of scarcity and marginal analysis in consumer decision-making and firm production decisions.
2. Explain precisely how economists use the terms supply and demand and demonstrate how they interact to determine market equilibrium.
3. Differentiate between main elasticity measures and identify what each measure attempts to evaluate.
4. Discuss the origin of supply in resource productivity and cost.
5. Apply supply and demand to analyze the efficiency of markets.
6. Analyze how market forces influence the firm’s output and price decisions under pure and imperfect competition.
7. Analyze the impact that an excise tax has on the market and identify the difference between the legal and economic incidence of a tax.
8. Relate the potential outcomes for firms in both the short and long run under models of perfect and imperfect competition.
9. Demonstrate how market forces influence resource market equilibrium.
10. Identify the source and nature of market and government failures.
11. Apply economic models to illustrate the benefits of specialization and trade.
12. Compare neoclassical microeconomic theory with alternative schools of thought.

• Asymmetrical Information
• Neoclassical microeconomic theory
• Behavioral Theory
• Private sector
• Elasticity
• Productivity concepts
• Elements of the market economy
• Public sectors
• Marginal Analysis
• Scarcity
• Market structures
• Supply and demand

 
Course Addendum - Syllabus (Click to expand)