Course Description & Learning Outcomes
Microeconomics is the study of how individuals, households, firms, and government
make decisions to allocate limited resources to satisfy unlimited wants. After completion
of this course, students will be able to:
- Identify the many consequences of scarcity and explain how changes in opportunity
costs affect behavior.
- Articulate the inter-workings of the market system including how the interaction of
supply and demand answers the three economic questions of what to produce, how to
produce, and who to produce for.
- Analyze and discuss the production of goods & services through the perspective of
the firm and the profit motive. Compare and contrast the four market structures of
perfect competition, monopolistic competition, oligopoly, and perfect monopoly. Understand
how firm behavior relates to the supply-side of the marketplace.
- Analyze and discuss the consumption of goods & services through the perspective of
the consumer and the utility motive. Understand how individual behavior relates to
the demand-side of the marketplace.
- Analyze market failures: the conditions whereby market outcomes are substandard from
society’s perspective. Understand the role and effectiveness of government intervention
when markets fail.