This course is a continuation of the broad and comprehensive introduction to the operation of the American economy but with emphasis on microeconomics. Microeconomics is concerned with the small economic units: an individual household, firm, and industry. Microeconomics involves the study of scarcity, specialization and trade, market equilibrium, elasticity, production and cost theory, market structures, factor markets, and market failure, consumer behavior, the operation of the firm, and the competitive, monopolistic-competitive, oligopolistic, and monopolistic structures of industries. International trade and finance, comparative economic systems, and economic growth and development are also examined. Prerequisites: MATH V01 (Elementary Algebra) or placement as determined by the college's multiple measures assessment process. Recommended Prep: MATH V03 (Intermediate Algebra) or placement as determined by the college's multiple measures assessment process. Transfer credit: CSU; UC. Formerly: ECON 1B. C-ID: ECON 201.
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