ECO 102 - Microeconomics3 Cr.
Microeconomics is the study of how individuals and firms face and make the various choices. Economics is the study of the efficient utilization of scarce resources to satisfy a society of unlimited human wants. Microeconomics examines the interaction of firms, consumers and government in the allocation of these scarce resources. This course will introduce students to the economic analysis of choices made by individuals, businesses and industries. Students will learn how the price mechanism and concepts of supply and demand enter into and influence their personal choices. Students will also be exposed to those economic factors that tend to affect how businesses make production choices (Theory of the firm). After developing the theory of the firm, the course will then examine this theory under conditions of perfect competition, monopoly, monopolistic competition, and oligopolies. Meets SUNY General Education requirement for Social Sciences (SS).
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