Fall 2018 Course Syllabi

3 | P a g e • Describe three different models of oligopoly. • Calculate marginal revenue product. • Describe why wage differentials exist. • Describe the supply of land. • Evaluate differences in various interest rates. • Describe the process of an international trade, noting the gains from specialization. • List common trade barriers . CONCEPTS & ISSUES • Marginal Analysis • Opportunity Cost • Individual’s Economizing Problem • Society’s Economizing Problem • Economic systems • Demand and Determinants • Supply and Determinants • Market Equilibrium • Price Elasticity of Demand • Other Elasticities • Consumer and Producer Surplus • Diminishing Marginal Utility • Utility-maximization Rule • Economic Profit • Implicit and Explicit Costs • Short-run Production Relationships • Pure Competition • Profit Maximization • Monopolistic Competition • Oligopoly • Pure Monopoly • Marginal Revenue Product • Marginal Resource Cost • Wages, Rent, Interest, and Profit • Comparative Advantage • International Trade • Trade Barriers ASSESSMENT PORTFOLIO Each degree seeking student is required to maintain an assessment portfolio on Blackboard for his/her time at Williston State College. For this class you should include your syllabus, evidence of completing learning outcomes, and a reflection paper of what you learned in this class.