ECON206

Describe the nature of economics in dealing with the issue of scarcity, including the concept of opportunity cost.

Perform supply and demand analysis to analyze the impact of economic events and government policies on market prices and output.

Explain how consumers maximize utility and firms maximize profits, and the implications these have for supply and demand.

Analyze the performance of firms under different market structures.

Analyze different market failures, and determine the role of either private agents or government in dealing with these failures.