ECNC 202 – Fundamentals of Microeconomics, Level A (1.5)
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Microeconomics focuses on the choices made by individual decision-making units in the economy—typically consumers and firms—and the impacts those choices have on individual markets. In this competency, you will learn the three fundamental questions of microeconomics, understand how to analyze supply and demand, and define consumer behavior.
COMPETENCY OBJECTIVES
Upon successful mastery of this competency, you will be able to:
- Define scarcity and the three fundamental questions of microeconomics.
- Analyze supply and demand as impacted by changing market conditions.
- Understand how supply and demand react to price changes (i.e., elasticity).
- Define consumer behavior including consumer preference and utility and how consumers make choices when they face budget and time constraints.