This topic introduces key concepts that form the foundation of much of microeconomic analysis. The material ranges from a discussion of model-building as a way to simplify complex relationships among economic variables to definitions and descriptions of key concepts such as scarcity, efficiency and inefficiency, opportunity cost, comparative advantage and the gains from trade.

In this topic, students will be introduced to monopoly.  They’ll learn what a monopoly is, how it differs from perfect competition and what conditions give rise to it.  They’ll also learn how monopolists decide on the profit-maximizing level of output and price.  The social costs and benefits of monopoly will also be covered.  In addition to monopoly, the topic will cover price discrimination.   

This topic covers the analysis of a firm’s costs in the short and long run.  It explains the important difference between accounting and economic costs (and how that affects the definition of accounting and economic profits).  It also makes the distinction between fixed and variable costs.

This topic presents an analysis of firm behavior under perfect competition. It begins by identifying the requirements for perfect competition. It then covers the definitions and meaning of costs in the short and long run, describes the firm’s profit-maximizing output decision and its entry-exit decisions. It ends with a discussion of the efficiency implications of perfect competition.

An analysis of how the private and public sectors interact, the role of taxes and how the decisions regarding their disposition are made, as well as the role of special interests and voting procedures. 

This topic covers the basics of demand and supply for a principles of microeconomics course.  Students will learn about the determinants of market demand and market supply for a good or service.  It enables students to employ an analytical tool in expressing the potential impacts of changes in market conditions on the consumers and sellers of a good or service.  It provides the basic tools to help students understand the impacts of policies that affect various economic units.

This topic presents an introduction to the economics of US healthcare, with a focus on the major players including consumers, providers, private insurance, and government.  It covers the challenges and opportunities for the US healthcare system including quality, costs, and access.  An application of supply and demand analysis to healthcare markets is discussed.  It compares U.S. health outcomes to those of other countries.  Students are introduced to various data sources on US and global healthcare.