ECON 201 Introduction to Microeconomics

Microeconomics studies how individuals and other social entities make decisions, respond to incentives and scarcity, and interact with the operations of markets. Attention is given to analytical details of microeconomic reasoning. The course builds a solid foundation of microeconomic knowledge so that students can better understand the functioning of markets as well as their strengths and limitations.

Credits

4

Prerequisite

Recommended: MTH 111Z or ECON 200

Course Learning Outcomes

Upon successful completion of this course, the student will be able to:
1. Describe rational consumer behavior and explain how price changes affect such behavior
2.Explain how consumer behavior and the market demand curve are connected
3.Define firms and understand how they are connected to the market supply curve
4.Identify the characteristics of different market structures
5. Identify market problems related to faulty private property rights
6. Identify market problems related to asymmetric information