This course provides an introduction to the theory and practice of contemporary microeconomics. The primary focus of this course is on how individuals and societies deal with the fundamental economic problem of scarcity. The course begins with a discussion of the methodology of economics. This is followed by a discussion of several basic tools and concepts including:
- demand and supply analysis,
- the production possibilities frontier,
- marginal analysis, and
- the concept of opportunity cost.
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Supplemental Readings
- Introduction (Chapters 1 and 2) - School vouchers
- Demand and supply (Chapter 3) - Do slave redemption programs reduce the problem of slavery? (revised topic)
- Private and public sectors (Chapters 4 and 5) - no supplemental readings
- Elasticity (Chapter 6) - no supplemental readings
- Consumer choice and demand - (Chapter 7) - Capital punishment
- Productivity and costs (Chapter 8) - no supplemental readings
- Product markets (Chapter 9) - no supplemental readings
- Perfect competition (Chapter 10) - Should there be a market for human organs?
- Monopoly (Chapter 11) - Is Microsoft a Monopolist?
- Monopolistic competition and oligopoly (Chapters 12 and 13) - No supplemental readings
- Resource markets (Chapter 14) - No supplemental readings
- Labor markets (Chapters 15 and 16) - No supplemental readings
- Capital, resource markets, and the environment (Chapters 17 and 18) - No supplemental reading
| Chapter 1 - Introduction | ||
| Chapter 2 - Opportunity Costs | ||
| Chapter 3 - Demand and Supply | ||
| Chapter 4 - Market System | ||
| Chapter 5 - Public Sector | ||
| Chapter 6 - Elasticity | ||
| Chapter 7 - Consumer Choice | ||
| Chapter 8 - Production, Costs, and Supply | ||
| Chapter 9 - Profit Maximization | ||
| Chapter 10 - Perfect Competition | ||
| Chapter 11 - Monopoly | ||
| Chapter 12 - Monopolistic Competition and Oligopoly | ||
| Chapter 13 - Antitrust and Regulation | ||
| Chapter 14 - Government and Market Failure | ||
| Chapter 15 - Resource Markets | ||
| Chapter 16 - Labor Market | ||
| Chapter 17 - Capital and Financial Markets | ||
| Chapter 18 - The Land Market and Natural Resources | ||
| Chapter 19 - Aging, Social Security, and Health Care | ||
| Chapter 20 - Income Distribution and Poverty |
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