EC 102 - Microeconomic Principles

(3.00 cr.)

Investigates how individuals in market economies make decisions about what goods will be produced, how they will be produced, and for whom they will be produced. Students learn to analyze the impacts of changes in markets; illustrate the concepts of consumer demand and production; and explain the process of profit maximization under various market structures. Topics include the laws of supply and demand; behavior of firms in competitive and noncompetitive markets; functioning of labor and capital markets; poverty and income inequality; economics and the environment; economic systems in other countries. GT