Microeconomics ((4 Credits))

Catalog description

This course provides a comprehensive overview of microeconomic issues. Supply, demand and elasticity are studied. Consumer behavior and firm behavior are investigated. The basics of competitive markets, monopoly and other market structures are examined. Market failures including public goods and externalities are studied as well as public policies aimed at improving these market failures. The course introduces basic models of microeconomics and illustrates microeconomic principles with examples from everyday experience. Notes: Microeconomics emphasizes the behavior under various constraints of individual actors, such as firms and households. Macroeconomics focuses on the working of the overall or aggregate economy. This 4-credit Microeconomics course covers a broader array of microeconomic topics than are included in the 4 and 6 credit courses that cover both microeconomics and macroeconomics. Intermediate Microeconomics provides a deeper analysis of different microeconomic theories and models. Other specialized courses such as Labor Economics and Environmental Economics and Policy may examine the functioning of specific sectors as well as the gender and environmental aspects of environmental decision making. The course satisfies economics skills in BME guidelines. This course was previously BME-212224 Economics/Micro.