Upon completion of this course, the student will be able to:

  • Analyze the economic way of thinking
  • Explain how free and competitive markets allocate resources through the interaction of supply and demand
  • Evaluate the different effects caused by changes in demand and supply conditions
  • Evaluate the models used by economists to explain how efficient production decisions are made in an environment of scarcity
  • Evaluate the impacts of government actions in markets on efficiency and fairness
  • Analyze the impacts of taxes on consumers, producers, employers, and workers
  • Evaluate the benefits and costs of international trade
  • Assess the provision and importance of public goods
  • Evaluate methods of efficiently dealing with negative externalities
  • Determine how rational consumers make choices to maximize their satisfaction
  • Analyze a firm’s short-run and long-run costs
  • Analyze the decisions made by a firm operating in perfectly competitive markets
  • Analyze the behavior of a monopoly
  • Evaluate how firms in monopolistic competition and oligopoly determine their profit-maximizing strategies
  • Evaluate the way factor markets determine a society’s distribution of income
    This class includes the following eText:

Bade and Parkin, Foundations of Microeconomics, 6th Edition (2013); ISBN: 0132830884