ECON 221 - Micro-Economics

Credit(s): 3
3 hours lecture, 3 hours contact
This course provides an in-depth exploration of the foundational principles of microeconomics analysis, focusing on the behavior of individual consumers and firms, market dynamics, and the strategic interactions that shape economic outcomes. Business honors students will delve into the core concepts of supply and demand, production costs, allocation of resources, organized labor and collective bargaining, distribution of income, and market structures, including imperfect competition and monopoly power.
Through graphical and algebraic methods, students will analyze how changes in market conditions, such as prices, competition, and policy interventions, affect economic variables like equilibrium price, quantity, and profit. The course also examines the broader implications of economic behavior on income distribution, international trade, and overall economic welfare.