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An analysis of economic decision making, combined with the study of contemporary economic institutions, problems and policy alternatives. Examines scarcity and choice, the price mechanism and planning, the structure of American business and labor, and issues such as income distribution and the role of government in economic affairs.

Upon completion of this course, the successful student should be able to:Understand the Foundation of Economics: The Economizing Problem Understand How Prices and Output Quantities are Determined. Identify the Characteristics of the Market System Measure the sensitivity level of demand as price changes. Understand how firms make production decisions. Understand how firms make production decisions in the four different market models: pure competition, pure monopoly, monopolistic competition and Microeconomics of resource markets

*The learning goals displayed here are those for one section of this course as offered in a recent semester, and are provided for the purpose of information only. The exact learning goals for each course section in a specific semester will be stated on the syllabus distributed at the start of the semester, and may differ in wording and emphasis from those shown here.