ECON 111/3.0 Introductory Microeconomics
This course introduces students to the basic analytical principles and tools of modern microeconomics. It deals with the behavior of individual economic agents (households, firms and governments), the determination of prices and quantities in individual markets for commodities and resources and the role played by governments in the functioning of the market system.
On completion of this course, successful students should be able to:
- Understand the central problem of economics and the role played by markets and governments in addressing this problem.
- Explain the consumption behavior of households and the output decisions of producers
- Show how markets under different competitive conditions balance demand and supply.
- Show how the same tools of economic analysis can be applied to the markets for factors of production (land, labor and capital) and the distribution of income.
- Explain the role played by governments in addressing problems of market failure and the misallocation of resources.
Experiential Learning Opportunities
Previous eamples of ELOs for this course include a visit to the City of London, including a tour of Lloyds, the world’s leading specialist insurance market, and a visit to the Jaguar Land Rover car factory at Halewoood in Liverpool to observe the production of the Freelander using state-of-the-art technology.