Microeconomics

Catalog description

This course provides students with a comprehensive overview of the evolution of the U.S. economy and the ways in which people produce, consume, and exchange goods and services. Major economic principles are presented, including supply and demand, economies and diseconomies of scale, competition, and taxation. Students also explore the characteristics of a labor market; the regulatory restrictions of tariffs, quotas, and embargoes on trade; and how the optimal quantity of public good is determined. Inequity of wealth and the interaction of economic rent, interest, and profit are also discussed.