Economics 232
 

Course Number and Title: Economics 232 - Principles of Microeconomics

Catalog Description: An introduction to the behavioral science of economics which focuses on the behavior of individual consumers, firms, government agencies and resource owners. Topics covered include basic price theory, market allocation of resources, consumer behavior, theory of the firm, government regulation of business, and comparative economic systems.

Learning Objectives: Upon successful completion of this course the student should be able to demonstrate a basic understanding of how society’s basic resource allocation decisions are made under different economic systems, how market structure influences firm and consumer decisions over resource allocation, how production costs behave when firms alter their production levels, and how governmental regulation and taxation affects the market allocations of resources. In particular, the student should be able to determine equilibrium price and quantity in a single market, calculate and use elasticity measures to describe consumer expenditure behavior, to identify profit-maximizing output, input and price levels for firms operating under various market structures, and to correctly predict changes in production costs as output levels change for the firm.

• Introduction to the Social Science of Economics
• Opportunity Cost and Production Possibility Curves
• Comparative Economic Systems for Resource Allocation
• Income/Wealth Distribution across Economic Systems/Countries
• Demand, Supply and Determining Market Equilibrium Price and Quantity
• Calculating Price (and Income) Elasticity
• Defining/Measuring the Relationship between Factor Input and Output Levels
• Defining/Measuring the Relationship between Output Levels and Production Costs
• Comparison of Perfect Competition and Monopoly Market Structures
• Input Resource Markets and the Relationship between Derived Demand and Wages

Optional:

• Consumer Utility Theory and Indifference Curve Analysis
• Monopolistic Competition and Oligopoly Market Structures
• Labor Markets/Union Issues
• Antitrust Legislation and Market Regulation
• Economic Growth/Developing Country
• Public Goods/Externalities/Public Choice
• Environmental Economics Issues

Current Textbook: Bade and Parkin, Foundations of Economics, Third Edition, Pearson, Addison-Wesley, 2007.

Evaluation: The primary form of evaluation is a series of one or more tests given throughout the semester, followed by a final exam, which may or may not be comprehensive, depending upon the instructor. Quizzes and homework assignments are optional. The tests and final exam are generally composed of multiple choice questions, short answer questions or problems that involve the use of graphical analysis.

Curriculum Coordinator: Dr. Stephen Kosovich