ECO 212 - Principles of Economics 2

3 credit hours - Three hours weekly; one term.
This course meets the Social and Behavioral Sciences General Education Requirement.

Explore microeconomic theory and international economics. Analyze consumer behavior, economic behavior of the firm under varying conditions, resource allocation, comparative advantage and balance of payments.

Prerequisite(s): Eligibility for MAT 137 . 

Crosslisted: Also offered as ECO 212H ; credit will not be given for ECO 212 and ECO 212H .

Note: It is recommended that ECO 211  be taken prior to ECO 212. Typically offered at MC, AM, and OL; all terms.

Course Outcomes:
Upon successful completion of this course, the student will be able to:

a. Describe the theories of absolute and comparative advantage and how they serve as the basis for understanding why nations choose to trade.

b. Explain the forces which influence international currency markets and how exchange rates are established.

c. Calculate supply and demand elasticities and discuss their relevance to firms or policy makers.

d. Identify consumer behavior theory graphically and numerically, and explain how it relates to demand for goods and services.

e. Describe the theory of production (short and long run) and how it relates to the theory of costs (short and long run).

f. Identify firms’ choices and determine optimal behavior under the conditions of pure competition, monopolistic competition, oligopoly, and monopoly.

g. Describe the theoretical mechanics of factor markets and how they explain factor income distribution under various combinations of competitive conditions.