ECON 100-04, Introduction to Economics, Fall 2011

Abstract

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.