ECON 1106 - Principles of Microeconomics

Comparative Advantage, International Trade and Exchange Rates (12%)

Market Failure and The Role of Government in an Economy (15%)

Market Structure (perfect competition, monopolistic competition, oligopoly and monopoly (20%)

Diminishing Returns and Costs of Production (6%)

The Role of Markets in an Economy (supply and demand) (18%)

Consumer Choice Theory (4%)

Elasticity (6%)

Introduction to Economics (scarcity, opportunity cost, production possibilities curves, economic principles) (7%)

Learning Outcomes
Describe and illustrate graphically firms’ profit-maximizing decision-making with respect to revenues and costs in competitive and non-competitive market structures.

Discuss the factors that affect the supply of and demand economic resources like labor and capital.

Explain the concept of utility and how it affects consumer choices.

Differentiate between absolute and comparative advantage and explain the causes and impact of protectionist policies in markets.

Use marginal analysis to explain maximizing behavior of firms and individuals.

Describe market failure, the conditions that may lead to market failure, and government’s intervening role and policies.

Use the supply and demand model of markets to determine equilibrium price and quantity in many types of markets including exchange rate markets.

Explain and apply price elasticity of demand and supply and their determinants.

Use the demand and supply model of markets to describe the impact of government price ceilings and supports (floors) and taxes and subsidies.

Apply and practice the economic way of thinking (scarcity, opportunity cost, and choice) to analyze issues in the U.S. economy and students’ personal lives.

Minnesota Transfer Curriculum (MNTC) Goals
08 - Global Perspective

05 - Hist/Soc/Behav Sci