ECO 111 - Principles of Microeconomics
This course will help you gain insight and understanding into events that are constantly going on around you. You will learn how to think like an economist by analyzing everything critically, comparing costs and benefits, even in issues normally considered outside the scope of economics. You will use economic reasoning to decide whether you will read your book of economics, whether you will attend class, whom you will marry, and what kind of work you will likely go into after you graduate. The skill you will need to start thinking like an economist will be acquired from topics covered, such as opportunity cost, scarcity and choices, demand, supply, production and costs, the market system, elasticity, market structures, etc. Three class hours. (SUNY-SS)
Prerequisite: Intermediate Algebra or MTH 104.
Course Learning Outcomes
1. Define, interpret, and analyze economic data using the concepts of Opportunity costs and the Production Possibility Frontier.
2. Construct and manipulate the Supply and Demand model to analyze, predict, and evaluate economic activity.
3. Define and calculate Elasticity in order to analyze, integrate and evaluate economic data.
4. Calculate and diagram the cost of production data so that they can estimate, differentiate, predict and discuss the behavior of the producer.
5. Define and diagram the Theory of Competition in order to compute, predict, organize and evaluate economic data using this model.
6. Define and diagram the Theory of Monopoly in order to compute, predict, organize and evaluate economic data using this model.
7. Define and diagram the Theory of Imperfect Competition in order to compute, predict, organize and evaluate economic data using this model.
Course Offered Fall and Spring