Theological Research Institute, Ltd. (TRI) | Evaluated Learning Experience
Microeconomics (ECO-101)
Self-study, self-paced.
June 2021- Present.
Upon successful completion of the course, students will be expected to fully grasp the subjects at hand and learn how to implement their studies into everyday personal and professional living; explain the role of scarcity, specialization, opportunity cost, and cost/benefit analysis in economic decision-making; identify the determinants of supply and demand; demonstrate the impact of shifts in both market supply and demand curves on equilibrium price and output; summarize the law of diminishing marginal utility; describe the process of utility maximization; calculate supply and demand elasticities; identify the determinants of price elasticity of demand and supply, and demonstrate the relationship between elasticity and total revenue; describe the production function and the Law of Diminishing Marginal Productivity; calculate and graph short-run and long-run costs of production; identify the four market structures by characteristics; calculate and graph the profit maximizing price and quantity in the output markets by use of marginal analysis; and determine the profit maximizing price and quantity of resources in factor markets under perfect and imperfect competition by the use of marginal analysis.
Microeconomics I is the first subject of the training cycle in Economic Theory. Its importance and complexity arise from the fact it is the first time the student becomes familiar with current economic models. During the course, the student will learn to formalize economic phenomena and gain an understanding of their workings. The course covers the basic economic models of consumer theory, production theory, and partial equilibrium.
In the lower division baccalaureate degree category, 3 semester hours in Business Administration, Marketing, Finance, Healthcare Administration, or as a general elective (5/21).
