Study of forces affecting individual productive units including analysis of price determinants through supply and demand, cost and equilibrium of firms under perfect and imperfect competition, distribution of income, and selected current problems. Concurrent enrollment in BUA 221 not recommended.
Prerequisites
Reading proficiency as established by District Policy.
Student Learning Outcomes
- Explain the basic economizing problem of scarce resources and unlimited wants.
- Construct the basic supply and demand curves in a purely competitive market model.
- Explain the interaction of the public and private sectors within a mixed economy.
- Interpret elasticity of supply and demand after calculating each.
- Explain consumer utility maximization.
- Analyze the short-run costs of production after calculating each.
- Figure out short-run profit or loss in a purely competitive market.
- Figure out short-run profit or loss in a monopolistic market.
- Figure out short-run profit or loss in a monopolistically competitive market.
- Figure out short-run profit or loss in an oligopolistic market.
- Figure out the least-cost and profit maximizing combination of using more than one resource.
- Analyze labor markets and wage rates among various ethnic, cultural, and gender groups.
- Discuss and compare the effects of income distribution and poverty among different ethnic, cultural, and gender groups within the US and other countries.