Economics 206

ECON 206
Principles of Microeconomics

1. Catalog Entry

ECON 206
Principles of Microeconomics

Credit hours (3)
Prerequisites: None

Econ 206 concentrates on microeconomics: elasticity of demand and supply, consumer and producer behavior, market structure, labor market analysis, and general equilibrium.

2. Detailed Description of Course

Students will be introduced to the science of economics, particularly to the study of markets and degrees of competitive behavior. Students will learn the "economic way of thinking" through studying optimizing behavior. Students will learn basic structures in both the product and factor markets, and relate those concepts to real world activities. Students will build a foundation for the continuing study of economics.

Topic Outline
    1) Definitions
    2) Methodology
    3) Review of Supply and Demand Concepts
    4) Demand, Supply, and Elasticity
    5) Utility Theory and Consumer Behavior
    6) Supply and Costs of Production
    7) Market Structures
    8) Production and the Demand for Resources
    9) Pricing and Employment of Resources
    10) Labor Unions and Collective Bargaining
    11) General Equilibrium

3. Detailed Description of Conduct of Course

The following teaching strategies will be employed:

Lectures, simulations (game theory), video presentations, guest speakers

4. Goals and Objectives of the Course

This course will fulfill Core Curriculum requirements under Social and Behavioral Sciences (Goal 9) or under U.S. Perspectives (Goal 10).

Goal 9: Radford University students will understand how individual, social, or cultural factors influence human behavior and shape reciprocal relationships between people and society.

Radford University students will be able to:
    1) Recognize social and behavioral science concepts;
    2) Recognize the relationship between individual and socio-cultural factors that affect behaviors

Goal 10: Radford University students will understand how social and cultural (for example, political, historical, economic, environmental, religious, or geographic) forces shape the American experience.

Radford University students will be able to:
    1) Identify diverse influences that have shaped the American experience; and
    2) Apply course material to a relevant issue in the United States.

5. Assessment Measures

Tests, homework, reports, presentations, class participation.  Grades and percentages depend on individual professors.

6. Other Course Information

None.

Review and Approval

September 2, 2014
December 2013 C. Vehorn
April 13, 2009 C. Vehorn
December 2004 N. Hashemzadeh