Course Objectives:
Effectively communicate economic theory and concepts.
Identify and solve microeconomic problems using economic theory and methodology.
Module Objectives:
Illustrate the impact of scarcity and choice with economic models.
Analyze the differences between comparative and absolute advantage and demonstrate how trade can be beneficial with both.
Analyze the impacts of the determinants on the demand and supply models.
Illustrate market equilibrium on the demand and supply model.
Analyze the impact of market failure on demand and supply.
Assess the impact of elasticity on consumers and producers.
Compare and contrast the impact of the costs of production on the market structures (pure competition; pure monopoly; monopolistic competition; and oligopoly).
