COURSE DESCRIPTION

Introduces the basic concepts of microeconomics. Explores the free market concepts with coverage of economic models and graphs, scarcity and choices, supply and demand, elasticity's, marginal benefits and costs, profits, and production and distribution. Lecture 3 hours per week.
 

GENERAL COURSE PURPOSE

This course is designed to introduce the body of economic knowledge so that students may learn about the operation of the U.S. economy, and gain a better understanding of current issues and problems that affect everyday lives.
 

ENTRY LEVEL COMPETENCIES

No prerequisites required for this course. The student must be literate in English and competent in fundamental arithmetic computation.
 

COURSE OBJECTIVES

Upon completion of the course, the student will be able to:

    A.    understand the accepted body of principles which are the foundation of economic thought
    B.     understand the operation of the American economic system
    C.     use conceptual tools and analysis to interpret the measures and objectives of households and firms
    D.    assume a role as a well-informed citizen in the community
    E.     take higher level economics courses at four-year institutions
 

MAJOR TOPICS TO BE INCLUDED

    A.    Economics of the Firm

            1.    theory of consumer demand, including utility and elasticity
            2.    costs of production
            3.    market structures
            4.    price and output determination in various market models

    B.     Pricing and Employment of Resources

            1.    wage determination
            2.    economic rent
            3.    interest and profit

    C.    Current Domestic Economic Issues (Instructor to select among the following)

1.    government regulation of business
2.    unions
3.    income distribution and poverty
4.    externalities
5.    urban problems
6.    the farm problem
7.    health care economics
8.    economic growth
9.    comparative economic systems