About This Course
ECON 1101 is an introductory course in microeconomics. Economics is the study of choices that people make when resources are limited. Microeconomics focuses on the decisions of individual consumers and firms. This course is designed to acquaint students with some basic tools of microeconomic analysis, including opportunity cost, supply and demand, market equilibrium, elasticity, types of markets, specialization, trade, and comparative advantage.
Critical thinking and the use of models to solve problems will be emphasized. The course attempts to emphasize that economic problems can be viewed from many angles and can be remedied in different ways, depending on the existing conditions and the underlying philosophy.