Description:

Investigates the responses of individual economic agents to incentives. This course provides the framework for analyzing simple models of choices for individual markets and industries within a mixed economy. The structure and outcomes of the basic model can then be modified to analyze a variety of market structures and be used to address a range of social issues, using the common policy goals of efficiency and equity. Recommended: 30 prior college credits.

Outcomes:

After completing this class, students should be able to:

?Apply the theory of rational choice to explain individual behavior. ?Explain how markets allocate, produce, and distribute society’s resources. ?Predict how government intervention impacts market outcomes. ?Critique market outcomes and government policies using concepts of efficiency and equity. ?Explain firm behavior under various degrees of competition. ?Extend the market framework to analyze market failures. ?Critically analyze the positive and negative impacts of markets as they relate to social justice and environmental issues. ?Represent and understand economic concepts and outcomes in numerical and graphical form.