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Lake Washington Institute of Technology    
 
    
 
  Feb 23, 2018
 
Catalog 2016-2017 [ARCHIVED CATALOG]

ECON& 201 Micro Economics

5 credits
Examines the market economy including consumer demand, production, exchange, the price system, resource allocation and the role of government in the economy. Students analyze resource and income distribution, assess consumer and business behavior, and evaluate price determination and production cost.

Prerequisites: MATH 098  or MATH 099  and ENGL 099  (or equivalent placement scores for any MATH& course and ENGL& 101  or higher)

Quarters Offered: Winter, Summer

Student Outcomes/Competencies:
Upon successful completion of this course students will be able to:

  • Evaluate economic examples as related to personal incentives and voluntary exchanges
  • Explain the concept of opportunity cost
  • Define how traditional, command, and market forces affect the production and distribution of goods and services in a market economy and identify and analyze the interaction among these forces
  • Use economic reasoning, principles, and models to identify the possible causes and evaluate possible solutions for current microeconomic issues, such as productivity growth, wage differentials, and poverty
  • Compare and contrast the major traditions of economic thought as they apply to microeconomic theory and policy, in particular to the role of government in the market system.
  • Identify and explain the major forces impacting the distribution of income and wealth in modern U.S. capitalism, including the impact of discrimination
  • Identify and describe situations where market outcomes are socially undesirable, analyze the causes of market failure, and compare and contrast alternative remedies
  • Use graphical representations and economic models
  • Evaluate newspaper articles dealing with micro-economic issues