Economics for Commerce

Catalog description

This course covers basic microeconomics terms and concepts, including scarcity and choice, equilibrium, efficiency and equity, comparative advantage, allocating scarce resources, opportunity cost and the production possibility frontier and supply and demand, the function of prices in markets, and how markets work and sometimes don't work. It also covers production and cost structures and firms' behavior in perfect and imperfect competition markets. Credit will not be given for both CMR 211 and ECO 201 . IIC. PA-2A.