ECON2200 Principles of Microeconomics

This course will focus on tools and techniques used by economists that impact decisions made by individuals, businesses, and governments.  Particular attention will be placed on the determination of prices, types of markets, government’s role in the economy, and trade.

Credits

3

Prerequisite

Qualifying score on reading assessment test OR ENGL0921. Basic computer literacy skills required

Course Requirements and Evaluation

Refer to Course Syllabus for detailed information regarding the requirements and evaluation standards for this course. The Course Syllabus will be distributed the first week of the course.

Learning Outcomes

The following outcomes will be addressed in the course:

Compare and contrast different economic systems
Demonstrate the benefits of trade using opportunity cost and comparative advantage
Apply marginal analysis to the decision making of individuals, firms, and governments
Demonstrate the impact of changes in both market supply and demand on equilibrium price and output
Analyze the causes and consequences of different market failures
Analyze the relationship between production function and costs.
Categorize markets into the four types of market structures
Determine optimal price and output for firms in the four types of market structures
Demonstrate the impact of government tax, subsidy and regulation on firms
Demonstrate how changes in the factor market impact the product market
Identify the causes of poverty and income inequality
Assess the government response to poverty and income inequality

Text and References

A list of textbooks required for this course is available at the bookstore.

Course Scheduling

The scheduled hours of instruction include sixteen hours for each lecture credit, thirty two hours for each lab credit and forty hours for each credit of supervised occupational experience (SOE). Lecture credit may include formal or impromptu lectures, demonstrations or discussions with the entire class or with small groups or individuals. Refer to the Credit Details section of this course outline for the credit breakdown.

Accommodations Statement

Disability Services assists students with disabilities who need accommodations to access programs, services and college activities.  If this applies to you, please contact the DS Office on your campus to initiate the accommodations process. 
Brooklyn Park Campus - 763-488-2477
Eden Prairie Campus – 952-995-1544

Campus

Brooklyn Park Campus and Eden Prairie Campus:  952-995-1300

Credit Details

lecture:

3

MnTC Goal Areas:

5 & 9