ECON 101 - Microeconomic Principles and Applications

Lower Division

The class develops the principles governing markets where households seek to maximize their wellbeing with limited income as they interact with firms focused on profit maximization. The resulting exchanges take place under varying market conditions, which are typically shaped by government policies. The outcomes of participants’ behavior can be evaluated from the point of view of economic efficiency or other standards of value. Does the market deliver the best solution? Under what circumstances? These questions are applied to traditional markets as well as to situations that reflect actual, social challenges in the modern economy, such as pollution and climate change, discrimination, inequality and others.
Special attention will be paid to discussing the positive economic impact of diversity and negative economic impact of discrimnation, alongside with existing systemic trends in the US economy.

Core Curriculum Designation(s)
SOCSI - Social Sciences

Repeatable
No

Additional Notes
Previous course number: ECON 003

Course credits: 4