ECON 202 - Principles of Microeconomics

Credits: 4
Lecture Contact Hours: 4
Description: This course provides students with an introduction to the theory of consumer behavior, production theory, market structure in product and resource/factor markets and microeconomic policy.

Prerequisites: MATH 047 or a minimum score of 19 ACT-Math, 25 SAT-Math, 75 CPT-Arithmetic, 28 CPT-Elementary Algebra, 260 NGA-Arithmetic or 230 NGA-Quantitative Reasoning, Algebra and Statistics.
Corequisites: None.
Recommended: None.

Course Category: Liberal Arts | Social Science
This course counts toward Schoolcraft’s General Education Requirements.
This course counts toward a Michigan Transfer Agreement General Education Requirement.

This Course is Typically Offered: Winter, Spring, Summer, Fall
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Course Competencies

Summarize economics and its relationship to the other social sciences.
Explain the basic microeconomic concept.
Illustrate graphs in economics analysis.
Analyze graphs in economics analysis.
Evaluate the role of rational self-interest in microeconomic analysis.
Analyze household behavior in product and factor markets.
Analyze producer behavior in product and factor markets.
Characterize the four basic market models.
Prescribe microeconomic policy to both product and resource/factor markets.
Appraise the situation of global poverty.
Examine the distribution of income in the U.S.
Investigate antitrust policy in the U.S. economy.
Solve a variety of economic problems using mathematical methods.