ECN-1050 Principles of Microeconomics

Credits 3
This course teaches the fundamentals of microeconomics and introduces students to the economic way of thinking. It involves an analysis of the economic principles underlying the behavior of individual consumers and business firms. Topics include economic systems, supply and demand analysis, elasticity, externalities, public goods, market structure and antitrust legislation. Students will learn how to use simple mathematical and graphical techniques to analyze choices made by individual economic entities. (Formerly ECN-2040 . Students may not receive credit for both ECN-2040 and ECN-1050.)
Prerequisite(s): Reading readiness and Math readiness or MAT 0071
Course Outcomes

Analyze the relationship between scarcity and choice, and how basic economic choices are made in different economic systems.
Use the market supply and demand model to show how a change in the market will affect the price and quantity of a good or service.
Utilize Marginal Analysis to determine the optimal consumption or production of a good or service.
Use graphical analysis to show the relationship between a firm’s output and its costs.
Analyze the economic efficiency of different market structures in equilibrium.
Analyze major pieces of antitrust legislation and their effect on modern industrial organization.