Introduction to Microeconomics

This course is intended to help you learn how to use economic reasoning to interpret human behavior and the consequences of our individual and collective decisions. Introductory topics include scarcity and choice, prices and opportunity costs, economic efficiency, production possibilities, supply and demand, market systems and their alternatives, and transaction costs. The behavior of individual consumers and producers is analyzed in microeconomics, which covers elasticity, consumer choice, production and costs, profit maximization and how firms perform in a continuum of market structures, game theory, and markets for resources.