Principles of Microeconomics

Catalog description

An introductory course using microeconomic models to understand individual decisions by consumers and firms, market outcomes including market failure, elasticity, market structures, labor markets, inequality, and the impact of government policies. Students are introduced to microeconomic theory, including economic behavior of individual economic units such as consumers, firms, and resource owners. They will examine the market system as a means of solving problems in the production and distribution of goods and services in a society. Students analyze the effectiveness of the price system in providing society with an equitable distribution of goods, services, and income. They will also study microeconomic problems such as monopoly power of big business and big unions, government regulations and consumer protection, the energy crisis, taxes, and welfare. This course was formerly known as ECON 010B : Introduction to Microeconomic Theory.