This course provides students with the basic theories, concepts, terminology, and uses of microeconomics. Students learn practical applications for microeconomics in their personal and professional lives through assimilation of fundamental concepts and analysis of actual economic events.
Apply the ten principles of economics and the economist's approach to solving economic problems to how people make decision, how people interact, and how the economy works as a whole.
Demonstrate how everyone can gain from trade.
Analyze how supply and demand for a good determines both the quantity produced and the price at which the good sells and how buyers and sellers respond to changes in market conditions.
Develop models of supply and demand showing the impact of price controls and taxes on market conditions.
The Economics of the Public Sector
Explain why the equilibrium of supply and demand is desirable for society as a whole.
Evaluate the concepts of consumer and producer surplus as it relates to the efficiency of markets, the cost of taxation and the benefits of international trade.
Demonstrate how externalities may prevent market equilibrium from maximizing total benefit to society.
Analyze how government tax systems balance efficiency and equity within markets.
Firm Behavior and the Organization of Industry
Analyze the cost curves and how firms' decisions about prices and quantities depend on the market conditions.
Compare various market structures and their characteristics.
Determine profit-maximizing strategies based on market structure.
The Economics of Labor Markets
Analyze the factor markets to show how each factor is employed and wages earned is based on derived demand.
Demonstrate the role of marginal productivity of labor in determining wages.
Explain the role of government in altering the distribution of income.
Theory of Consumer Choice and Frontiers of Microeconomics
Apply the theory of consumer choice to decisions about what to buy and how the economy works.
Explain the concepts of asymmetric information, political economy and behavioral economics as they relate to microeconomics.
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While widely available, not all programs are available in all locations or in both online and on-campus formats. Please check with a University Enrollment Representative.
Transferability of credit is at the discretion of the receiving institution. It is the student’s responsibility to confirm whether or not credits earned at University of Phoenix will be accepted by another institution of the student’s choice.