Microeconomics

Catalog description

An introductory survey of microeconomic theory and the principles essential to an understanding of human action within the context of exchange relationships. Emphasis is placed upon the decisions of individuals, households, and firms within a dynamically competitive market process, and the institutional structures that affect those relations. Topics include exchange, scarcity and trade, comparative advantage, division of labor, supply and demand, price signals and price controls, externalities and public goods, competition, monopoly, and market structure, markets for the factors of production, and determinants of income inequality and poverty. This course meets the IDoE Economics State Standards and required standards from the National Council for the Social Studies.