UEC 202 - Principals Of Microeconomics

3 Credit(s)

An introductory study of the operations of output (product) and input (resource) markets as they relate to demand and supply decisions by households, businesses, government, and the rest of the world (foreign trade patterns). Attention centers on the role of prices in allocating scarce resources among competing uses, as well as imperfections in and failures of markets to effectively allocate such resources. Among the topics covered are introduction to economizing problems and issues, market systems and demand and supply analysis, consumer behavior and product demand, production functions and costs, output pricing under various market structures, input pricing under various market structures with special emphasis on labor markets, and demand and supply determinants of international trade patterns. This course may be used to satisfy the social science general education distribution requirement.
Prerequisite(s): Sophomore standing.

Formerly: EC-202E