ECON 102 - Foundations of Economics: Microeconomics

Credits: (3)
This course introduces students to microeconomics: examination of economic behavior of individuals, firms, or markets. It begins with consumer theory, examining why people like goods and services and how they behave. It progresses to firm theory, e.g. production and costs, exploring such concepts as diminishing marginal productivity and economies of scale, as well as examining particular market types such as price takers, monopolies, and oligopolies. The course closes with capital and resource markets (e.g. wages, benefits, income, as well as natural resources). It often includes special applications such as market failures (e.g. externalities, public goods, information problems) which are at the heart of many business/government and environmental issues, poverty, health care, education, social security, etc. Prerequisite(s): ECON 101 Foundations of Economics: Macroeconomics (3) (Fall and Spring)