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.

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 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.