1:00-2:15P  TR   WY 115

Summary Course Description:

Why do we have markets? Why do we have governments? Is free trade
beneficial to our economy?  These questions exemplify the types of
fundamental problems faced by modern societies. This course examines these
questions from the perspective of economic incentives, building a
theoretical foundation in economic though.

Emphasis is placed on: (1) developing models of how consumers and firms
make decisions, (2) understanding how markets work, (3) showing how market
activities can lead to gains for society, and (4) discussing government
solutions to situations in which there are market failures.

Course materials and objectives are developed utilizing economic models
and through participation in interactive decision making exercises,
designed to help the student understand the relationship between
"behavioral models" and "behavior".

The small class size allows for active classroom discussions.

The course  is organized around 10 topical areas.
I.	Economics as a Study of Allocating Scarce Resources
II.	Markets: The Case of Perfect Competition: S&D
III.	Elasticity as a Measurement of Degree of Response
IV.	Markets in Action: Applications of S&D and ED& ES
V.	Utility and Demand
VI.	Output and Costs
VII.	Profit Maximization: The General Problem
VIII.	Perfect Competition
IX.	Monopoly and Other Industry Structures
X.	Market Successes, Market Failures, and the Role of Government