PRINCIPLES OF MICROECONOMICS

Catalog description

The course will study how, within a market system, individuals and firms use factors of production to satisfy economic needs, emphasizing that the economy is a means and not an end. The course will study the behavior of individuals and firms and market coordination and adjustment by focusing on consumer demand, theories of production and cost, pricing and output under competitive and non-competitive conditions, and factor usage and pricing. The basics of general equilibrium analysis, international trade, th e economics of government, natural resource economics, and policies to increase efficiency and diminish inequality and poverty may also be included. Prerequisite: MATH 110 or MATH 150 with a minimum grade of C.