Modern microeconomics studies how society’s needs can be met when consumption and production decisions are made by individuals seeking their own benefit. This course will teach foundational concepts in microeconomics including incentives, supply and demand, the law of diminishing returns, marginal analysis and equilibrium prices. We will also examine behavioral economics which criticizes the dominant microeconomic school of neoclassical economics. Finally, students will examine and debate the proper role of government in regulating the economy by considering how governments should shape markets in order to lessen such problems as affordable housing shortages, pollution, global warming and widespread obesity. Modern economics has a foundation in mathematical analysis and, while this course will not involve any calculus or advanced mathematics, students will need to create and interpret graphs of economic situations.

Prerequisite: Departmental approval