IBA 23011 Principles of Microeconomics
GE-Social Science [GE-SocSci] This course introduces students to economic concepts, relationships, and institutions related to individual and firm decision-making. Supply, demand, and opportunity cost are used to analyze the actions of individuals and firms in a market framework. Economic decision-making and policy will be grounded within the broader ethical context so as to stimulate students' critical thinking. Topics to be covered include marginal analysis, production possibilities, demand and supply, elasticity, household and consumer choice, firm production and costs, profit maximization, and market structures. By the end of this course, students will be prepared to describe and evaluate the determinants of price, apply economic decision-making skills to everyday decisions, and apply the economic tools discussed to the broader world around them.
Credits
3
Offered
All locations intermittently.