Course description: An introduction to economics, with particular attention to the pricing mechanism, competitive and monopolistic markets, government regulation of the economy, labor-management relations and programs, income determination and public policy, trade and the international economy.
Statement of Purpose: What is Microeconomics? Microeconomics studies how individuals and firms make decisions and how these decisions interact. How does this affect you? You have to make choices every day! Do you get up and come to class or sleep in? Is it worth completing the degree or not? Which job do you choose? Hopefully, the knowledge you will gain in this course will prove to be useful throughout your career.
Goals: Upon successful completion of this course students will be able to interpret scarcity, opportunity cost, trade-offs and marginal/cost-benefit analysis. Students will be able to apply the supply and demand model and evaluate the impact of real-life events on markets (producers and consumers). They will be able to analyze consumer behavior and differentiate firm behavior with respect to production and costs. They will also be able to recognize different market structures and how they affect behavior of firms. Students will further be able to evaluate market efficiency, market failures, and the role of government. Students will be able to illustrate the principles of trade and demonstrate the implications of comparative advantage for individuals, firms and the global economy.