Description

This course provides an introduction to the central concepts of microeconomic analysis and decision-making, such as demand and supply, elasticity and marginalism. The concepts are then used to explain and analyze market structures, including perfect competition and monopoly. Other topics may include analysis of labor markets, property rights and international economics. Although this course focuses on the general principles of microeconomic analysis, applications of these principles to issues of current importance will be pointed out wherever possible.

Program

IS -144 CRs

Objectives

• 1. Demonstrate an understanding, usage and application of basic economic principles.
  2. Describe and apply the methods for analyzing consumer behavior through demand and supply, elasticity and marginal utility.
  3. Understand the role of alternative property rights in resource allocation.
  4. Identify and appraise various models of how markets are organized, and the price and output decisions for maximizing profit.
  5. Know how markets that fail to use resources efficiently create unintended effects.
  6. Strengthen problem solving skills by applying economic criteria to business decisions, international trade and public policy