Develops facility with concepts, language, and analytical tools of economics. Covers microeconomics, macroeconomics, and international trade and payments. Emphasizes integration of theory, data, and judgment in the analysis of corporate decisions and public policy, and in the assessment of changing US and international business environments. Restricted to Sloan Fellows. The fact of scarcity forces individuals, firms, and societies to choose among alternative uses -- or allocations -- of its limited resources. Accordingly, the first part of this summer course seeks to understand how economists model the choice process of individual consumers and firms, and how markets work to coordinate these choices. It also examines how well markets perform this function using the economist's criterion of market efficiency. Overall, this course focuses on microeconomics, with some topics from macroeconomics and international trade. It emphasizes the integration of theory, data, and judgment in the analysis of corporate decisions and public policy, and in the assessment of changing U.S. and international business environments.

Survey of modern macroeconomics at a fairly advanced level. Topics include neoclassical and new growth theory, consumption and saving behavior, investment, and unemployment. Use of the dynamic programming techniques. Assignments include problem sets and written discussions of macroeconomic events. Recommended for students planning to apply to graduate school in economics. Credit not given for both 14.05 and 14.06.

This course is designed to extend the student's knowledge of the basic microeconomic principles that will provide the foundation for their future work in economics and give them insight into how economic models can help us think about important real world phenomena. Topics include supply and demand interaction, utility maximization, profit maximization, elasticity, perfect competition, monopoly power, imperfect competition, and game theory. Upon successful completion of this course, the student will be able to: Explain the standard theory in microeconomics at an intermediate level; Explain and use the basic tools of microeconomic theory, and apply them to help address problems in public policy; Analyze the role of markets in allocating scarce resources; Explain both competitive markets, for which basic models of supply and demand are most appropriate, and markets in which agents act strategically, for which game theory is the more appropriate tool; Synthesize the impact of government intervention in the market; Develop quantitative skills in doing economic cost and consumer analysis using calculus; Compare and contrast arguments concerning business and politics, and make good conjectures regarding the possible solutions; Analyze the economic behavior of individuals and firms, and explore how they respond to changes in the opportunities and constraints that they face and how they interact in markets; Apply basic tools that are used in many fields of economics, including household economics, labor economics, production theory, international economics, natural resource economics, public finance, and capital markets. (Economics 201)

The Principles of Microeconomics course was developed through the Ohio Department of Higher Education OER Innovation Grant. This work was completed and the course was posted in December 2019. The course is part of the Ohio Transfer Assurance Guides and is also named OSS004. For more information about credit transfer between Ohio colleges and universities, please visit: www.ohiohighered.org/transfer.Content ContributorsKen Fah                                             Ohio Dominican UniversityJohn Fiske                                         Ohio Dominican UniversityJoe Nowakowski                                Muskingum UniversityLibrarianNathan Wolfe                                     Kenyon CollegeReview TeamMolly Cooper                                     Ohio State University Subbu Kumarappan                          Ohio State University ATI 

In this topic, students will be introduced to the concept of market failure and learn about its two prime examples, the presence of externalities and the provision of public goods. The concept of externalities will be explained through the use of examples such as environmental protection and technological innovation. The resources identified below also include a brief coverage of market efficiency, which would usually be covered elsewhere, if the instructor wishes to review.     

Explores the role of government in the economy, applying tools of basic microeconomics to answer important policy questions such as government response to global warming, school choice by K-12 students, Social Security versus private retirement savings accounts, government versus private health insurance, setting income tax rates for individuals and corporations.

This readings-based course analyzes the structure and operation of government systems in developing countries, with particular emphasis on regional and local governments. Major topics include: the role of decentralization in national economic reform programs; the potential impact of decentralized governments on local economic development; determination of optimal arrangements for sharing fiscal responsibilities among levels of government; evaluation of local revenue and expenditure decisions; and assessment of prospects and options for intergovernmental fiscal reform. Emphasis is on basic economic concerns, with consideration given to political, institutional, and cultural factors.