Instructor: Nigel Grimwade
An introduction to microeconomic analysis of a modern mixed economy. The course analyzes the behaviour of individual consumers and producers, the determination of market prices for commodities and resources, and the role of government policy in the functioning of the market system. ECON 111 and ECON 112 are together equivalent to ECON 110.
Available in Fall 2018.
EXCLUSION No more than 6.0 units from ECON 110/6.0; ECON 111/3.0; ECON 112/3.0.
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, students should be able to understand the central problem of economics and the role played by markets and governments in addressing this problem. Students should be able to explain the consumption behavior of households and the output decisions of producers and show how markets under different competitive conditions balance demand and supply. They should also be able to 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. Finally, students should be able to explain the role played by governments in addressing problems of market failure and the misallocation of resources.
Experiential learning opportunities
Past field studies have included 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.
Assessment takes a variety of forms. During the course, students are expected to undertake weekly exercises applying analytical principles and tools developed in the classroom to provide solutions to specific issues and problems. In addition, students are assessed on their participation and active involvement in the classroom and on the field trips. Finally, all students must undertake a two-hour end-of-term examination, consisting of a short essay, a set of multiple-choice questions and short exercises.