Economics Periods 2,3,5,& 8

Course Introduction and Description: This course is an introduction to microeconomics. This course focuses on how economic decisions are made by individuals, firms, organizational structures, and governments. Microeconomics introduces students to the cost-benefits analysis that is the economic way of thinking. This analysis is used to understand smaller agents of the economy-specifically, consumers and producers-as they interact in output markets and resource markets, and to understand the government’s impact on these specific economic units.  We will examine the economic principles concerning individual decision makers within an economy. The main areas of concentration include basic economic concepts; the nature and functions of product markets; factor markets; and efficiency, equity, and the role of government. Supply and demand analysis is developed to demonstrate how market prices are determined, how those prices determine an economy’s allocation of goods and services, how factors of production are allocated in the production process, and how goods and services are distributed throughout the economy. Furthermore, we evaluate the strengths and weaknesses of economic decision makers by using the concepts of efficiency and equity. We also analyze and evaluate the effects of government intervention. Emphasis is placed on reasoned logical argument so that we can use economics as a method and model for decision making. Students are expected to apply their critical thinking skills.