Objective:
The course objective is to teach the principles of microeconomics. Microeconomics is the analysis of the manner in which markets resolve the problem posed by the reality of scarce resources. A model of efficiency is constructed and is analyzed through the topics of demand, supply, production, distribution, consumer choice, the behavior of the firm, and market structure. A consideration of market failures and the role of government in a market-driven society completes the analysis.
Learning Outcomes:
- Identify and apply economic terminology and concepts to economic issues and problems
- Use demand and supply models in the analysis of real-world issues
- Use market structure models to explain and predict business firm behavior
- Explain the basis for and the benefits of trade
- Compare and contrast the market system of economics with other systems
- Analyze and synthesize the public and private sectors of the U.S. economy
- Use the theory of consumer choice to explain and predict consumer behavior
General Course Topics:
- Limits, alternatives, and choices
- The market system and circular flow
- Demand, supply, and market equilibrium
- The U.S. economy: private and public sectors
- The United States in the global economy
- Extension of demand and supply analysis
- Consumer behavior and utility maximization
- The costs of production
- Pure competition, pure monopoly, monopolistic competition, and oligopoly
- Technology, research and development, and efficiency
- The demand for resources
- Wage determination
- Rent, interest, and profit: government and market failure
- Public choice theory and the economics of taxation
- Antitrust policy and regulation
- Agriculture: economics and policy
- Income inequality and poverty
- The economics of health care
- Labor market institutions and issues
- International trade
- Exchange rates, the balance of payments, and trade deficits