ECON 222 - Principles of Microeconomics

General economic concepts will be examined by covering the following: demand, supply and elasticity, the theory of consumer behavior, the costs of production, price and output determination under conditions of pure competition, pure monopoly, monopolistic competition and oligopoly, production and the demand for economic resources, wage determination, rent, interest and profits, general equilibrium in a market system, government and economic policy including antitrust and regulation, the agricultural problem, the problems of the cities, the economics of health care, income distribution, labor market issues-unionism, discrimination and immigration, international trade, exchange rates, the balance of payments, the trade “crisis,” growth and the less developed countries, and the global economy.
Prerequisite(s): ECON 221  or ECON 221H  
3 credits = 3 lecture