Student Learning Outcomes

• Students were asked to determine the merits of price-quantity determination in the market economy of the Unites States.
• Students completing BUSC 1B - Principles of Economics - Microeconomics will correctly know consumer's behavior to maximize their utility in allocating scarce resources to satisfy their infinite wants.
• Students completing BUSC 1B - Principles of Economics - Microeconomics will be able to choose quantities of different commodities having different price tags by spending limited amount of money to maximize satisfaction
• Students completing BUSC 1B - Principles of Economics - Microeconomics will use producer's behavior to determine price of the product they produce under various market situations to maximize profit
• Students were asked to discuss the reason for not giving welfare recipients their welfare benefits in cash rather than in-kind.
• Students should be able to distinguish between public and private goods. Students should also be able to explain why private market fails to provide public goods.
• Students should be able explain externalities and distinguish between external costs and external benefits.