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Course Details

Course Number: 90-710

Applied Economic Analysis

Units: 12

Microeconomics is the study of how individuals and firms make choices, and
how these choices interact in society. Economics shares with other behavioral
sciences the general goal of explaining and predicting human behavior. The
distinguishing feature of the economic approach is the emphasis on rational
decision making under conditions of scarcity. Because of the central role of
markets and the price system in describing the outcome of individual and firm
decision-making, microeconomics is sometimes called “price theory.”
This course is an introduction to the basic concepts and tools of
microeconomics. We study how markets work, with an emphasis on analysis of
the effects of public policy on the welfare of society. The course also provides a

brief introduction to macroeconomics.


Lowell J. Taylor
Mark Wessel