Credits

3 (3/0/0)

Description

Microeconomics stresses the concepts of scarcity, production possibilities, supply and demand curves, elastic and inelastic goods and services, competition, monopolies, oligopolies, poverty and income distribution in the United States. In general, microeconomics examines the functioning of individual industries and the behavior of the individual.

Competencies

Explain supply and demand and their applications.
Measure the price elasticity of demand for various goods.
Explain household behavior and consumer choice.
Explain the behavior of profit-maximizing firms.
Interpret short-run costs and output decisions.
Interpret long-run costs and output decisions.
Compare the four types of firms - perfectly competitive, monopolistically competitive, oligopolies and monopolies.
Critique monopolies and antitrust policy.
Explain a general equilibrium and the efficiency of perfect competition.
Evaluate externalities and their impact on environmental economics.