Course Objective:
- Identify and describe the basic terms, fields, assumptions, tools, models, and methods of economics. Examine how using economic models use data to evaluate alternative social policies and issues.
- Describe, illustrate, and apply the basic economic terms to model the basic economic problem and its related applications.
- Define and describe the four market types. Explain how basic markets function. Determine equilibrium and elasticity. Analyze the different allocative methods and distinguish between market efficiency and market equity. Explain, measure, and illustrate the different types of market failures. Examine why government is necessary for correcting market failures and analyze taxes and other government market interventions.
- Examine, measure, and solve the consumer optimization problem and the strategic behavior in cooperative and non-cooperative games.
- Examine, measure, and illustrate the economic problem of the firm and its cost curves. Define, measure, and solve the profit maximizing output decision of the perfectly competitive firm. Compare the similarities and differences between monopoly and perfectly competitive and oligopoly firms and markets.