Principles of Microeconomics

Catalog description

In this introductory course, students learn to think like an economist and apply microeconomic principles to the study of how individuals and societies make decisions in the face of scarcity. By the end of the course, students will be able to combine abstract concepts with formal analytical tools, such as supply and demand, in order to understand how markets work, how individuals and firms make decisions, and how the decisions impact real market outcomes. Applications to current public policy issues are highlighted throughout the course, for example, issues surrounding minimum wage laws and trade policy. Business applications include understanding profit maximization, consumer price sensitivity, and competitive and monopolistic industries. Prerequisite(s): None Corequisite(s): None