Principles Of Microeconomics – eco365 (3 credits)
This course provides students with the basic theories, concepts, terminology, and uses of microeconomics. Students learn practical applications for microeconomics in their personal and professional lives through assimilation of fundamental concepts and analysis of actual economic events.
Fundamentals of Microeconomics
- Differentiate between macroeconomics and microeconomics.
- Analyze the effect of changes in supply and demand on the equilibrium price and quantity.
- Determine how elasticities affect pricing and purchasing decisions.
Production and Cost Analysis
- Describe the relationship between the number of inputs and the law of diminishing marginal productivity.
- Analyze the relationship between productivity and the cost of production.
- Analyze the effect of changes in the supply of and demand for factors of production on the price of inputs.
- Analyze the effect of changes in marginal revenues and costs on a firm’s profit-making potential.
- Compare various market structures and their characteristics.
- Determine profit-maximizing strategies based on market structure analysis.
- Evaluate the effectiveness of competitive strategies within market structures.
Public Policy in Economics
- Analyze the effect of externalities on market outcomes.
- Differentiate among horizontal, vertical, and conglomerate mergers.
- Analyze the effect of government interventions, taxation, and regulations on economic behavior.
- Determine the effect of global competition on an organization’s strategies for maximizing profits.
- Analyze the effect of global competition on the relationship between management and labor.
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Transferability of credit is at the discretion of the receiving institution. It is the student’s responsibility to confirm whether or not credits earned at University of Phoenix will be accepted by another institution of the student’s choice.