ECON2330

Meets MN Transfer Curriculum Goal Area 5 - History and the Social and Behavioral Sciences. Microeconomics is the study of decision making undertaken by individuals (or households) and firms. The content includes: individual units (industries, firms, and households), determination of prices and quantities, measurement of costs and productivity, individual markets, specific goods and services, and resource prices. Economic literacy gives people the tools for understanding the nations economic world and how to interpret events that will either directly or indirectly affect them. Modern economic theory blends micro and macro concepts. Nations benefit from having an economically literate population who can evaluate critical issues faced by individuals (or households) and firms. Student Learning Outcomes

• Comprehend the difference between microeconomics and macroeconomics.
• Evaluate the nature and methods of economics, and analyze production possibilities.
• Contrast and differentiate the laws of supply and demand, and the attainment of equilibrium within a market.
• Explain characteristics of the market system.
• Interpret price and income elasticity of demand.
• Analyze consumer behavior and utility maximization.
• Describe the costs of production on productivity.
• Summarize pure competition and the impacts of this market structure on economic efficiency.
• Predict how pure monopoly impacts the market structure and economic efficiency.
• Appraise government and market failure.