Principles of Microeconomics

Catalog description

This course introduces economic analysis of household, business, and government choices in societies limited by scarce resources. Rational choice provides the foundation for understanding economic incentives facing consumers and producers. Supply and demand models illustrate the role of prices in determining resource allocation. Topics include economic efficiency, productivity, opportunity cost, marginal analysis, profit maximization, and international trade. In addition, the course introduces theories of economic performance under alternative market structures (e.g. competition vs. monopoly), market failure, and the role of the government in the economy. No prerequisites.