ECON 101-03, Microeconomics, Fall 2009

Abstract

Principles of Microeconomics studies the behavior of individual participants in the economy: consumers and producers, workers and employers. These buyers and sellers come together in the market to allocate scarce resources, collectively determining what goods will be consumed and produced, where and how many hours to work, and how to best organize production. We will study market structures, when markets fail, and how government policies (taxation, emission controls, minimum wage laws, etc.) impact the functioning of the market. The objectives of the course are:  Introduce students to the rigors (and benefits) of the “economic way of thinking.” Introduce students to the language of economics. Introduce students to the topics in microeconomics that they will need in future coursework. Teach students the difference between positive and normative analysis.