Honors | Introduction to Microeconomics - Honors
S201 | 4094 | Rusty Tchernis
What are Markets? Why do we have governments? Are monopolies good
for consumers? These questions exemplify the types of fundamental
problems faced by modern societies. This course builds the
foundation for economic analysis and the base of economic knowledge.
Emphasis is placed on: (1) Models for decision making; (2)
Interaction between agents through markets; (3) Market structures;
(4) Gains from trade, and (4) The role of government.
Course objectives are achieved 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 with 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