Econ 201: Principles of

Microeconomics
Topics
1. Describe the concept of opportunity costs
2. Describe the production possibility frontier
3. Understand utility and indifference curves and show how they
affect consumer choice
4. Understand how prices changes affect consumption choices
5. Understand the concept and definition of income and price
elasticity
6. Distinguish between fixed and variable costs
7. Understand the law of diminishing marginal return
8. Explain the difference between consumer and producer surplus
9. Explain the sources and nature of a firms cost
10. Understand the conditions for perfect competition, monopoly,
and oligopoly
11. Differentiate between positive and negative externalities
12. Explain and give examples of public goods and market failures
13. Know the concepts of free rider, moral hazard, and types of
other externalities
14. Define institutions and explain the significance of institutions
in an economy
Syllabus
Textbook
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