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Dec 03, 2024
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2024-2025 College Catalog
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EC 202 PRINCIPLES OF MICROECONOMICS
This course will analyze the most fundamental concept in economics: how supply and demand determine equilibrium. Students will also learn policies the government uses to distort that equilibrium to achieve social goals such as fair housing, minimum wage, fossil fuel reduction, etc. This course also examines the four basic market structures or perfect competition, monopoly, monopolistic competition, and oligopoly. We will see how each industry’s structure impacts decisions on pricing and production. Topics covered include business costs, price elasticity, taxes and subsidies, externalities like pollution, public goods (like education and parks), and anti-trust laws. This course is appropriate for students interested in starting a new business, advertising and marketing, business management, economics, engineering, political science, and corporate decision making. Lecture: 3 hours per week. 3 Credits
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