ECON 202


3 Undergraduate credits
Effective August 24, 2002 – Present

Graduation requirements this course fulfills

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.

Learning outcomes


  • 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

Goal 5: History and the Social and Behavioral Sciences

  • 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.

Spring 2021

Section Title Instructor
01 Microeconomics Berglund, Douglas L Books Course details
02 Microeconomics Winstandley, John Books Course details
03 Microeconomics Gelgelu, Desta A Books Course details
50 Microeconomics O'Hara, David Books Course details
51 Microeconomics McIlhon, Michael Joseph Books Course details
52 Microeconomics Le, Thanh T Books Course details

Summer 2021

Section Title Instructor
50 Microeconomics Zhu, Xinfu Books Course details
51 Microeconomics Fournier, Marc A Books Course details