Spring 2019 Course Syllabi

Dakota College at Bottineau Course Syllabus Course Prefix/Number/Title: ECO 201 Principles of Microeconomics Number of credits: 3 Course Description: This course studies the nature, method and scope of economic analysis; economic scarcity, resources, specialization of labor; supply-demand analysis; production and cost analysis; product and resource market structures: distribution of incomes international trade. Pre-/Co-requisites: N/a Course Objectives: By the end of the course, students will: 1 As a United States citizen, to provide an understanding of economics which is essential to comprehend and have a view on today’s political problems, and to be able to make our individual buying, employment, and financial decisions. 2 To develop a lasting interest in our economic system. 3 To provide a base for those who are enrolled in an economic degree. 4 Define economics and explain the differences in scope and methods of microeconomics and macroeconomics 5 Explain the key ideas that define the economic way of thinking (what, how much, how and for whom to produce as guided by the price and market system) 6 Define the production possibilities frontier and calculate opportunity cost 7 Explain how demand and supply determine prices and quantities bought and sold 8 Use graphic and mathematical methods to explain factors affecting demand and supply 9 Define, calculate, and explain the factors that influence the price elasticity of demand 10 Explain the relationship between elasticity, price, and revenue 11 Explain how four basic types of markets work 12 Describe preferences using the concept of utility and distinguish between total utility and marginal utility 13 Explain what a firm is and describe the economic problems that all firms face 14 Use graphical and mathematical methods to show how to maximize profits and minimize losses 15 Use the concepts of efficiency and equity in evaluation of government economic policies Instructor: Nick Bergan Office : Online Office Hours: MWF: 9-11am, TR: 8-10pm Phone : 561.623.0698 Email: berganfsu@aol.com