Introduction to Microeconomics (202-0-20)
Instructors
James Andrew Hornsten
847/491-8220
Meeting Info
Harris Hall 107: Mon, Wed, Fri 1:00PM - 1:50PM
Overview of class
Formally, economics is the study of the allocation of scarce resources among competing ends. Informally, economics helps us understand how household, business and government decision makers respond to incentives; the importance of proper-functioning markets in a modern capitalist economy; and the role of government in alleviating various market failures. Microeconomics focuses on individual decisions (typically using cost-benefit analysis) and the inner workings of specific markets. Picking up where macroeconomics left off, this course will introduce the principles of microeconomics and teach you how to apply these concepts to real world scenarios. Thus, this course is aimed not only at potential economics majors, but also at any student who desires the ability to understand the popular press, critically analyze government policies, and use microeconomics to make better choices as a consumer, producer, representative, or voter.
Registration Requirements
ECON 201 is recommended, but not required. Students are expected to be comfortable using high school algebra, equations, graphs, and tables.
Learning Objectives
1.Apply the model of supply and demand to critique a variety of government policies in markets that may or may not be characterized by market failures (i.e., violations of perfect competition). 2.Evaluate the actions of profit-maximizing firms and explain the relationships between technology, costs, and supply decisions. 3.Analyze markets for insurance, loans, stocks, and other investments..
Class Materials (Suggested)
Principles of Microeconomics by Betsey Stevenson and Justin Wolfer (1st edition, ISBN: 9781464186943, OR 2nd edition, ISBN 9781319433949 Achieve format available January 2023)
Class Attributes
Social & Behavioral Sciences Distro Area
SDG Reduced Inequality
SDG Gender Equality
Enrollment Requirements
Enrollment Requirements: Students who have taken or are taking ECON 310-1 or MMSS 211-1 are not allowed to enroll in this course.
Associated Classes
DIS - Technological Institute L221: Tues 5:00PM - 5:50PM
DIS - Technological Institute L150: Thurs 5:00PM - 5:50PM
DIS - Technological Institute M152: Tues 6:00PM - 6:50PM
DIS - Technological Institute MG28: Thurs 6:00PM - 6:50PM
DIS - Technological Institute M152: Tues 6:00PM - 6:50PM
DIS - Technological Institute MG28: Thurs 6:00PM - 6:50PM