Outcomes
In order to successfully complete this course, the student will:
1. Apply the role of economics to other disciplines including political science, psychology, and business.
2. Graph supply and demand schedules.
3. Define key terms including utility, circular flow, elasticity, externalities, marginal analysis, and asymmetric information.
4. Compare and contrast utility maximization and behavioral economics relating to consumer behavior.
5. Explain the differences in market structures of pure competition, pure monopoly, and oligopoly in terms of price, output, and efficiency.
6. Compare and contrast cost curves: total cost, variable cost, fixed cost, average total cost, average variable cost, and marginal costs.
7. Analyze the role of government and the implication of taxes.
8. Analyze consumer and producer surplus including taxes, subsidies, and price ceilings/floors.
9. Describe microeconomic issues and policies in agriculture, income inequality, and healthcare.