ECO 204 Principles of Microeconomics
The study of economic issues of individual units of the economy is known as Microeconomics as per the course ECO 204 Principles of Microeconomics. The tools that mainly describe microeconomics are supply and demand. Microeconomics is also defined as the PRICE THEORY. ECO 204 Principles of Microeconomics course is carrying total 3 Credits. This course include Introduction to the theory of consumer equilibrium, and wage determination and market structure,. Recommended prerequisites are Fulfillment of the General Education Critical Thinking competency, and Digital Literacy competency and Quantitative Reasoning Core competency,. This is Equivalent to ECO 308 course.
Following are some of the Principles of Microeconomics:
- Trade-offs faced by people
- The price of a particular thing is what you give up to get it.
- Rational Individuals think at the margin.
- Responding to incentives.
- Trade can provide everybody an advantage.
- The government improves market outcomes.
- The standard of living depends on its ability to supply goods and services.
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