ECON 1023 - Microeconomics

Credits: 3
Hours/Week: Lecture None Lab None
Course Description: This course is an introduction to microeconomics. It emphasizes the price system, production costs, income distribution, and market structures. The impact of international economics will also be discussed. This course has broad general education applications but is especially appropriate for economics, accounting, and business majors.
MnTC Goals
5 History/Social/Behavioral Science

Prerequisite(s): None
Corequisite(s): None
Recommendation: ECON 1021 .

Major Content

1. Antitrust and Regulation.
2. Consumer Choice Theory.
3. Economies in Transition.
4. Environmental Economics.
5. Growth and Developing Countries
6. Income Distribution, Poverty, and Labor Market Discrimination
7. International Trade and Finance.
8. Labor Markets.
9. Market Demand and Supply.
10. Markets in Action.
11. Monopolistic Competition and Oligopoly.
12. Monopoly.
13. Perfect Competition.
14. Price Elasticity of Demand and Supply.
15. Production Costs.

1. Describe poverty, antipoverty programs, and welfare reform proposals.
2. Describe how governments attempt to correct market failure.
3. Analyze the arguments for and against trade protectionism
4. Articulate how the demand and supply curves for labor determine the wage rate in a perfectly competitive labor market.
5. Describe characteristics of industrially advanced countries (IACs) and characteristics of less developed countries (LDCs).
6. Explain the law of diminishing returns.
7. Analyze the law of demand and supply.
8. Explain the impact of a price ceiling and a price floor set in a market by the government.
9. Differentiate between a short-run and long-run production function.
10. Explain the meaning of consumer equilibrium
11. Relate price elasticity to the total revenue curve.
12. Describe market failure.
13. Calculate the price elasticity of a demand curve using the mid-points formula.

05. 03. Use and critique alternative explanatory systems or theories.

05. 04. Develop and communicate alternative explanations or solutions for contemporary social issues.

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