Analysis of markets: consumer demand, production, exchange, the price system, resource allocation, government intervention. Recommended: MATH 111. Offered: AWSpS.
Economists in general agree with the following proposition: economics is not a field of study of something particular. Rather, it is a set of tools and concepts that can be applied to understand a great number of phenomena in the economic and social sphere. We use the tools of the science of economics to study why things are and how they change when a relevant factor or force -- that shapes the phenomenon under study--changes. As you read the assigned textbook for this course, you will find the application of a set of thinking tools to a great number of interesting and important issues. Many of these issues-- part of the conventional wisdom believed by many --are re-examined from an in-depth and insightful perspective. As the meaning and purpose of higher education goes, this should be truly a higher education experience!
Student learning goals
Understand and be able to use microeconomic terminology
Understand that the highest-valued alternative foregone is the opportunity cost of what is chosen
Understand how individuals and firms make themselves as well off as possible in a world of scarcity
Understand how prices inform the decisions about which goods and services to produce, how to produce them, and who gets them
Understand how government policies and different institutional arrangements affect the allocation of resources in a market economy
Students will able to use micro-economic principles to understand and explain economic events and other social phenomena.
General method of instruction
Class assignments and grading