How individuals and firms make choices: supply and demand, elasticity, market structures, factor markets, and market failure.
Basic Economic Concepts
Scarcity and marginal thinking.
Supply and Demand
Markets, elasticity, and surplus.
Production, Cost, and the Perfect Competition Model
Costs and competitive firms.
Imperfect Competition
Monopoly, oligopoly, and monopolistic competition.
Factor Markets
Labor and resource markets.
Market Failure and the Role of Government
Externalities and public goods.