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For students seeking to fill the social science requirement of the general education requirements. The course offers an introduction to the way economic theory explains scarcity, consumer and producer choice, competition and monopoly, labor, capital, and resource markets, antitrust and other government regulation, and income distribution. The course helps students understand and appreciate the ideas, processes, dynamics, and institutions that underlie the social and economic system, and it gives them a foundation for higher academic work. 3 lecture hours per week |
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Microeconomics analyzes the behavior of society by focusing on the decisions and choices of small units such as consumers, workers, savers, business managers, firms, individual industries and markets, etc. Microeconomics studies the factors that influence decisions and choices, and the way these innumerable small decisions merge to determine the workings of the entire economy. Because prices are often the key to understanding individual choices and decisions, microeconomics is often called price theory.
The study of microeconomics allows a deeper understanding of some of our most important public issues. Debates over free trade and outsourcing, wage determination and minimum wage proposals, the impact of changes in tax rates, the problem of monopoly, the drug war, pollution, national security are all informed and deepened by the findings that come from microeconomics |
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