ECON 2001: Principles of Microeconomics

• Citrus College Details: Identify, interpret and analyze microeconomic graphs and data.
• Citrus College Details: Utilize the concept of scarcity to explain economic trade-offs, opportunity costs, and rational behavior.
• Citrus College Details: Calculate and interpret measures of elasticity.
• Citrus College Details: Demonstrate how markets function and what happens in the presence of market failures.
• Citrus College Details: Analyze production and costs of the firm.
• Citrus College Details: Demonstrate how firms attempt to optimize their objectives in response to price signals under a variety of market structures in the short and long-run.
• Common Course Numbering Language: Perform and interpret microeconomic calculations
• Common Course Numbering Language: Apply microeconomic models to analyze market outcomes, including market failures and\\ngovernment policies.
• Common Course Numbering Language: Model how consumers and firms make decisions under a variety of market structures

Common Course Language: 

1. Fundamentals of economic thinking
   1. Scarcity / opportunity costs
   2. Factors of production / production possibilities
   3. Specialization and gains from trade
   4. Marginal analysis
   5. Rational behavior
   6. Economic models and research methodology
2. How markets operate
   1. Definition of a market
   2. Supply and demand model
   3. Producer / consumer surplus and efficiency
   4. Government intervention
3. Elasticity
4. Consumer theory / demand
5. Producer theory
   1. Production and costs
   2. Accounting / economic profit
   3. Short- and long-run production decisions
   4. Industry structure
6. Market structures
   1. Perfect competition
   2. Monopoly
   3. Monopolistic competition
   4. Oligopoly and game theory
7. Labor markets
8. Market failure and public policy
   1. Externalities
   2. Public goods
   3. Imperfect competition
   4. Efficiency vs. equity

Citrus College Details: 

1. Fundamentals of Economic Thinking
   1. Scarcity
   2. Factors of Production
   3. Opportunity Costs
   4. Marginal Analysis
   5. Positive vs. Normative Analysis
   6. Rational Choices 
2. Consumer Behavior & Derivation of Demand Curve
   1. Demand and Supply
   2. Price Theory
   3. Consumer & Producer Surplus
   4. Deadweight Loss
   5. Market Efficiency and Government Price Controls
3. Elasticity
   1. Price Elasticity of Demand
   2. Income Elasticity of Demand
   3. Cross-Price Elasticity of Demand
   4. Total Revenue Test
   5. Price Elasticity of Supply
4. Consumer Choice and Utility Maximization
   1. Total and Marginal Utility
   2. Law of Diminishing Marginal Utility  
   3. Budget Constraint
   4. Utility Maximizing Rule
   5. Income and Substitution Effect
5. Costs of Production 
   1. Explicit and Implicit Costs
   2. Economic and Accounting Profits
   3. Short Run and Long Run Production Costs
   4. Marginal and Average Product
   5. Diminishing Marginal Returns
   6. Average, Marginal and Total Costs in Short Run
   7. Long Run Average Cost Curve
   8. Economies and Diseconomies of Scale, Constant Returns to Scale
   9. Minimum Efficient Scale
   10. Production Function
6. Market Structures
   1. Perfect Competition
      1. Perfectly Elastic Demand
      2. Profit Maximizing in Short Run       
      3. Short Run Production Decision
      4. Break-Even Price
      5. Firm's Shut-down Decision
      6. Short Run and Long Run Supply
      7. Efficiency of Perfect Competition
   2. Monopoly
      1. Barriers to Entry
      2. Natural Monopolies
      3. Monopoly Demand Curve
      4. Efficiency of Monopolies and Regulation
      5. Price Discrimination
   3. Monopolistic Competition
      1. Product Differentiation and Advertising
      2. Demand Curve
      3. Efficiency of Monopolistic Competition
   4. Oligopolies
      1. Mutual Interdependence and Strategic Behavior
      2. Market Concentration
      3. Oligopolies Pricing Models
      4. Efficiency of Oligopolies
7. Market Failure 
   1. Market Power: Regulation & Anti-Trust Laws
   2. Public Goods
   3. Positive & Negative Externalities
   4. Asymmetric Information
8. Resource Markets
   1. Marginal Productivity Theory of Resource Demand
   2. Determinants of Resource Demand 
   3. Labor Market
   4. Rent, Interest and Profit