Principles of Microeconomics

Catalog description

The course introduces fundamental concepts of microeconomic analysis by examining price theory and its application. After an overview of introductory economic concepts, such as comparative advantage, opportunity costs, and supply and demand, the course investigates the decision-making process of consumers and producers. The theory of the household and the firm is followed by the analysis of different market structures (perfect competition, monopoly, monopolistic competition, oligopoly), possible causes for market failure, and the effects of government intervention in free markets. * ECI-UF 101 and ECII-UF 102 may meet some of the equivalent course requirements for the College of Arts and Science. Students may take ECI-UF 101 and ECII-UF 102 in any order; neither course is a pre-requisite for the other.