ECN 130 - Principles of Microeconomics

Credits: 3
Lecture Hours: 3
Lab Hours: 0
Practicum Hours: 0
Work Experience: 0
Course Type: Core

This course is an introduction to microeconomic principles related to individual markets. Topics covered include: analyzing the supply and demand model; examining how consumers and producers make decisions; investigating how various market structures affect prices, output, and efficiencies; and studying the factor markets. Additional areas include analysis of elasticity, firm production costs, profit maximization, taxation, externalities, public goods, and international trade. ECN 120 is not a prerequisite for ECN130.
Competencies

Analyze key economic concepts related to personal and societal decision-making
1. Analyze the concepts of opportunity costs, efficiency, and growth through the Production Possibilities Frontier model
2. Explain marginal analysis by computing marginal costs and marginal benefits
Construct supply and demand graphs to illustrate changes in price and non-price factors
1. Examine price and non-price influences on buyer and seller behaviors
2. Predict quantity movements and shifts in supply and demand by analyzing buyers’ and sellers’ interactions in the marketplace
3. Explain the effect of price ceilings and price floors in the market
4. Identify market failure and its consequences on market outcomes through consumer/producer surplus and dead weight loss
Evaluate buyer and seller relationships using elasticity concepts
1. Calculate price elasticities
2. Examine how elasticity explains buyer and seller behaviors in the marketplace
Interpret Theory of the Firm concepts including costs, revenues, and profit maximization
1. Utilize cost and pricing data to create cost and revenue curves to maximize profits
2. Compare and contrast perfectly competitive, monopolistic, and imperfect market structures
Explain the role of government in achieving socially optimum outcomes
1. Identify positive and negative externalities
2. Define private/public goods and common resources
Interpret the supply and demand model in relation to resource markets
1. Distinguish between various types of resources (land, labor, capital)
2. Assess the labor supply and demand model
Evaluate the economics of international trade
1. Examine how the principle of comparative advantage affects international trade
2. Compare and contrast the benefits and criticisms of free trade

Competencies Revised Date: AY2026