Bus 1103 Microeconomics

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Course Outline

BUS 1103 MICROECONOMICS

Prerequisites:

BUS 1101 Principles of Business Management

Course Description:

This is an introductory course in Microeconomics. In this course, we will learn about basic elements of consumer and firm behavior, different market structures and their effects on welfare, and the direct and indirect role of the government in determining economic outcomes.

Required Textbook and Materials:

OpenStax Economics, Principles of Economics. OpenStax CNX. May 18, 2016 http://cnx.org/contents/[email protected]

Software Requirements/Installation

A reliable internet connection
Microsoft Office Suite (including Word and Excel) or Open Office Suite (including Writer and Calc) and a pdf reader.

Learning Objectives and Outcomes:

Upon completion of the course, a student will be able to

  1. Apply the critical thinking skill learned in this course to deal with economic problems
  2. Identify the direction of price movements when the market environment changes
  3. Realize the unintended consequences of well meaning government intervention in markets
  4. Identify market structures and its effect on market efficiency
  5. Realize the distinction between equity and efficiency
  6. Active role of the government in situations of market failures