This course introduces the principles of microeconomic theory, such as supply and demand, consumer choice theory, market structures, labor markets, microeconomic policy issues, and international trade. Supply and demand topics include price and non-price determinants for changes in supply and demand, price elasticity, and how prices are determined in the market. Marginal analysis is examined as a part of
consumer choice theory. The market structures of perfect competition, monopoly, monopolistic competition, and oligopoly are discussed. The course examines how labor markets determine wages and hours worked. The microeconomic policy issues of income distribution, poverty, discrimination, antitrust, government regulation, and the environment are introduced. The course concludes with a brief look at
international trade.
Prerequisite: None
Required Textbook: