ECN 130 - Principles of Microeconomics

1. Develop an awareness of the nature of economics and the economic problem facing society
   1. Describe the economic problem
   2. Develop an awareness of the methodology behind economic thinking
   3. Apply the concept of scarcity to decision making
2. Apply the Production Possibilities Model to illustrate key economic concepts
   1. Explain the concept of increasing costs
   2. Relate the concept of opportunity cost to as part of a decision making methodology
   3. Relate the concept of marginalism as part of a decision making methodology
3. Analyze the market model
   1. Examine price and non price influences on buyer and seller behavior
   2. Relate the concept of opportunity cost to as part of a decision making methodology
   3. Apply the market model to explain and predict outcomes of buyer/seller interactions
4. Evaluate buyer and seller behavior using elasticity concepts
   1. Develop price elasticity of demand, income elasticity, cross elasticity of demand, and supply elasticity concepts
   2. Comprehend the mathematical measures of elasticity concepts
   3. Investigate the manner by which elasticity concepts may be used to predict and explain buyer and seller behaviors in the market place
5. Evaluate buyer behavior using utility analysis
   1. Apply the concept of marginalism to buyer behavior
   2. Develop a model of buyer behavior using utility analysis
   3. Synthesize the demand curve model using utility analysis
6. Analyze the costs of production
   1. Apply the concept of marginalism to develop an input-output analysis
   2. Relate input-output analysis to firm costs
   3. Construct short and long run cost curves to predict and explain firm behavior
7. Examine the Perfect competition market structure
   1. Apply the concepts of marginalism to develop firm revenue concepts
   2. Construct and apply models of firm behavior in Perfect Competition
   3. Derive firm short and long run supply curves
8. Examine the m Monopoly market structure
   1. Construct and apply the Monopoly model
   2. Differentiate between the price and output outcomes on Competitive and Monopoly market structures
   3. Assess the criticisms of the Monopoly market structure regarding efficiency
9. Explain the Imperfect Completion market structure
   1. Construct and apply models for Monopolistic Competition
   2. Construct and apply models of Oligopoly behavior
   3. Compare and contrast the alternative market structures
10. Evaluate firm and market behavior from the perspective of the firm as buyer of inputs (or resources)
    1. Apply the concept of marginalism to develop the marginal revenue productivity (mrp) model
    2. Derive input market outcomes using mrp analysis
    3. Describe profit maximizing behavior from the input market perspective
11. Examine labor market models.
    1. Develop and apply labor market models where market power exists on the supply side
    2. Develop and apply labor market models where market power resides on the demand side
    3. Assess labor market issues using input and labor market models
12. Examine market models regarding interest rates and rents
    1. Construct and apply a model for financial markets
    2. Describe and apply the concept of economic rent to input markets
    3. Develop time value of money concepts and apply them to market behavior
13. Assess the role of government in a market economy
    1. Use economic concept and models to describe and illustrate instances of market failure
    2. Analyze different perspectives regarding government?s role in dealing with the occurrence of market failure
    3. Apply economic concepts and models to develop a theory of Public Choice
14. Evaluate the economics of international trade
    1. Explain the principle of comparative advantage and apply it
    2. Assess the benefits of free trade
    3. Investigate the criticisms of free trade
15. Students shall be exposed to applications chapters per the discretion of individual instructors serving to embellish the core theory objectives described in the above listed competencies. No testing items shall be included for the applications chapters