Principles of Microeconomics (ECON 1201)

Course Overview:

Welcome to Principles of Microeconomics, an engaging and comprehensive online course designed to give you a solid foundation in economic theory and its real-world applications. Based on the acclaimed Principles of Microeconomics 3e textbook, this course uses conversational language and ample illustrations to explore economic theories, providing a wide array of examples using both fictional and real-world business scenarios.

Economics is not primarily about money or finance; rather, it is the study of how humans make decisions in the face of scarcity. It is both a subject area and a way of viewing the world. In this course, we will focus on microeconomics, which analyzes the actions of individual agents within the economy, like households, workers, and businesses. Our ultimate goal is to equip you with the analytical tools to solve complex business puzzles and help you become a well-rounded thinker.

Course Structure:

To ensure a systematic learning experience, the course is divided into five main modules 6:

1. What is Economics?: We begin by introducing the study of economics, focusing on how individuals and societies make choices in a world of scarce resources.
2. Supply and Demand: We explain the first analytical model in economics—supply, demand, and equilibrium—and demonstrate its applications in the markets for labor and finance.
3. The Fundamentals of Microeconomic Theory: Here we explore the theories of consumer behavior, production and costs, and different models of market structure, including perfect competition, monopoly, monopolistic competition, and oligopoly.
4. Microeconomic Policy Issues: We cover a range of topics in applied microeconomics, framed around concepts of public goods and positive and negative externalities 6. You will explore antitrust policies, environmental problems, income inequality, and issues in labor and financial markets.
5. International Economics: Finally, we introduce the international dimensions of economics, including international trade, comparative advantage, globalization, and protectionism.

Course Features:

To show the importance and application of economics in your life and future career, this course integrates several unique pedagogical features:

• "Bring It Home" Case Studies: Each section connects core economic concepts to real-world business events and current industries.
• "Work It Out" Demonstrations: We will guide you step-by-step through analytical and computational problems to ensure you understand how solutions are derived.
• "Clear It Up" Explanations: Deep dives into complex topics to clarify common misunderstandings.
• FRED Data Integration: We will frequently rely on current data and graphs from the Federal Reserve Economic Data (FRED) to provide context and interpret real-world economic conditions.

By the end of this course, you will understand that while the study of economics does not dictate the answers, it clearly illuminates the different choices available to businesses and individuals. Join us to master the economic way of thinking and make better-informed decisions in the modern business world!