ECON210 - Introduction to Microeconomics

Description:
An introduction to economic theory involving the examination of how decision making by firms and individuals is shaped by economic forces. Emphasis is placed on demand, supply, market equilibrium analysis, and basic market structure models. The invisible hand as the driving force for economic decisions as well as market externalities are discussed. The class concentrates on providing a balanced approach to studying economic agents' behavior and the global implications and outcomes.

Outcomes:

• Explain fundamental economic terms and concepts
• Describe the key characteristics of the U.S. economy and how they have changed over time
• Apply basic graphing and mathematical skills to model and interpret microeconomic phenomena
• Compare the key characteristics of market structures, including perfect competition, monopolistic competition, oligopoly, duopoly, and monopoly
• Analyze the market mechanisms that establish relative prices of goods and services
• Evaluate factors of production and how they affect firm behavior
• Apply economic reasoning to analyze current issues such as unemployment, inflation, wages, and health care
• Use economic concepts and models to analyze decisions made by firms and consumers

Required Text(s):

• Schiller, B. & Gebhardt, K. (2020). Essentials of economics (11th ed.) McGraw-Hill. ISBN: 978-1-260-22533-4 (bound edition)