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ECON 121 Principles of Economics II (3 Credits)

This is a course designed to study the basic concepts of microeconomics. Consumer behavior, firm behavior, economic growth as well as market structures are only a few of a lot of concepts that will be discussed. Prerequisite ECON 120

Learning Outcomes:

  • Distinguish between macroeconomics and microeconomics.
  • Use a production possibilities frontier to analyze opportunity costs and trade-offs.
  • Discuss the variables that influence demand and supply.
  • Define the price elasticity of demand and understand how to calculate it.
  • Categorize the major types of business in the United States.
  • Identify examples of positive and negative externalities and use graphs to show how externalities affect economic efficiency.
  • Define utility and explain how consumers choose goods and services to maximize their utility.
  • Describe the typical management structure of corporations and understand the concepts of separation of ownership from control and the principal-agent problem.