Welcome to Principles of Microeconomics! In this course, you will learn about fundamental concepts, theories and terminology in the study of microeconomics. The study of microeconomics is interested in understanding and analyzing the decision making processes of consumers and firms. In this course, you will learn in depth about the supply and demand model, elasticity, price controls and taxes, as well as production decisions of firms and consumption decisions of individuals. You will understand how firms maximize profits, how consumers balance their choices between what they want and what they can afford, and how the choices of firms and consumers come together to determine the price and quantity of goods and services produced in our economy.
By the end of this course you will be able to…
- Apply the concepts of microeconomics with graphs, calculations, and equations
- Comprehend and analyze the supply and demand model
- Understand how consumers make decisions on what and how much to buy
- Understand how firms make decisions on what and how much to producer
- Identify four different market structures
- Explain the how government policies may help or hurt market outcomes
Now, why is this important? Economics is part of our lives every day. The choices we make affect how the economy functions, and the economy itself influences the decisions that we make. The topics we will discuss in this course will help you understand how people and firms interact, make decisions, establish prices, and determine goods and services produced in the economy.
Guidelines for Success:
- Attend class regularly
- Be an active learner in class by attempting to complete applications on your own or with your group and engaging in discussions
- Complete your Aplia assignments in advance of the deadlines – start early even if you stop and come back to it!
- Come to office hours or seek assistance as soon as you feel you are not understanding the material
- Start studying early! Organize your notes and prep for the exams at least 10 days before the exam date
- Work on time management – you are responsible for meeting deadlines, completing homework, seeking help when you need it and balancing your other obligations. If you need help with time management, come see Prof. Keefe or check out the Office of Academic Support and Retention.