ECON 202 - Principles of Economics II

(BSSD, GEEL) CE-R

Covers microeconomics- the study of how individuals, businesses, and governments make choices about limited resources to achieve their goals. Microeconomics can help students make personal and business decisions and assess public policy issues throughout their lives. Topics include supply and demand, elasticity, government controls, market failure, production, business costs, profit maximization, and market structures. PREREQUISITE(S): High school algebra or its equivalent or consent of department. Assessment Level(s): ENGL 101/ENGL 011, MATH 050. Three hours each week.

3 semester hours

May not be taken concurrently with MATH 017 or MATH 020 or MATH 030 or MATH 045 without appropriate Math assessment score.

Course Outcomes:
Upon completion of this course, a student will be able to:

Apply basic cost, production, and profit concepts to business.
Analyze market structures and their effect on business behavior.
Apply basic economic concepts such as scarcity, opportunity cost, and marginal analysis to everyday life situations.
Analyze the model of supply and demand to determine prices and quantities.
Apply the concept of elasticity to business pricing and public policy decisions.
Analyze government price and quantity controls.
Identify the situations where unregulated markets fail and ways government can correct these market failures.
Use economic principles to make business decisions such as what price to charge, how much to sell, and how many employees to hire to maximize profits.

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