This course focuses on the interactions between the consumer and the producer. It begins with the theory of markets, supply and demand, and the price system. Then it covers demand elasticity, the costs of production including the various factor inputs, the four major market structures (pure competition, monopolistic competition, oligopoly and monopoly), and ways to increase the competition in markets.
- Explain the basic economic problem (scarcity, opportunity cost, choice)
- Explain markets and price determination (determinants of supply and demand, utility, elasticity, price ceilings and floors)
- Apply theories of the firm (revenues, costs, marginal analysis, market structures)
- Explain factor markets (revenues, costs, marginal analysis, market structures)
- Explain the role of government in a market economy (public goods, maintaining competition, externalities, taxation, income redistribution, public choice)
- Explain elements of International Economics (comparative advantage, trade barriers)
Minnesota Transfer Curriculum
- Employ the methods and data that historians and social and behavioral scientists use to investigate the human condition.
- Examine social institutions and processes across a range of historical periods and cultures.
- Use and critique alternative explanatory systems or theories.
- Develop and communicate alternative explanations or solutions for contemporary social issues.