Course Description: Economists use the term microeconomics to describe the study of how individuals, households, and firms make decisions about the use and distribution of scarce resources, such as income or time. In addition, microeconomics includes the analysis of economic models on groups of people such as buyers and sellers participating in the market. This area of the economy also studies the relationship between economic problems and the design of policies to address these problems.
This course emphasizes the idea that scarcity of resources to satisfy an infinite number of needs leads to the traders to wonder how these scarce resources should be used and what goods and services must be surrendered in order to get more of other goods. Microeconomics examines these decisions and how the forces generated by individuals, households, and firms seeking to meet their needs using limited resources affect society.
This course is organized into nine modules in which students learn about the following topics: consumer theory, theory of the firm, and analysis of market systems.
Author: Jose Diaz, Ph.D.
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