ECO 110 Learning Objectives
I. Examine and understand how a market system functions to
coordinate decisions and allocate scarce resources among competing uses to
A. Recognize our daily choices (as producers and/or consumers) and the
subsequent tradeoffs as the basis for the study of economics.
B. Understand how the concept of marginality is linked to demand and supply by
examining the changes in benefits and costs of consuming and producing.
C. Understand how the sensitivity to price changes influences consumer and
producer decisions by examining the concept of elasticity.
D. Understand how price functions as an allocating mechanism.
E. Compare and analyze the similarities and differences between market
structures and how they affect consumer and producer decisions.
II. Understand that some outcomes that develop under a market system may not
coordinate decisions in a manner that society most wants. Examples of market
failures may be used to justify government intervention which will impact the
A. Understand how public policies may affect demand, supply, and/or price, and
subsequently influence our choices as members of society.
B. Develop the ability to analyze and evaluate public policy issues within the
framework of economic models, and understand the arguments and counter arguments
inherent in social issues and public policies.