EC 2120 - Introduction to Microeconomics

A study of basic tools and concepts of economic analysis and principles necessary to study, understand, analyze, and evaluate behavior of various economic agents regarding production, exchange, pricing , and distribution of goods and services under free market constraints. Topics will include concepts of scarcity; economic way of thinking including marginal analysis; study of demand and supply; operation of a market including equilibrium price-quantity determination and resource allocation; theory of consumer behavior; theory of the firm and cost analysis; economic efficiency and market outcomes; perfect and imperfect market structures; resource markets; and cases and causes of market failure. All topics are presented in a framework hospitable to critical mode of thinking and helpful to development and enhancement of systematic investigative skills and logical reasoning required by decision‐makers in addressing domestic and international microeconomic issues. (4 credits)