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The Economics of Labor Markets
- Analyze the factor markets to show how each factor is employed and wages earned is based on derived demand.
- Demonstrate the role of marginal productivity of labor in determining wages.
- Explain the role of government in altering the distribution of income.
Theory of Consumer Choice and Frontiers of Microeconomics
- Apply the theory of consumer choice to decisions about what to buy and how the economy works.
- Explain the concepts of asymmetric information, political economy and behavioral economics as they relate to microeconomics.
Introduction to Microeconomics
- Apply the ten principles of economics and the economistâs approach to solving economic problems to how people make decision, how people interact, and how the economy works as a whole.
- Demonstrate how everyone can gain from trade.
- Analyze how supply and demand for a good determines both the quantity produced and the price at which the good sells and how buyers and sellers respond to changes in market conditions.
- Develop models of supply and demand showing the impact of price controls and taxes on market conditions.
The Economics of the Public Sector
- Explain why the equilibrium of supply and demand is desirable for society as a whole.
- Evaluate the concepts of consumer and producer surplus as it relates to the efficiency of markets, the cost of taxation and the benefits of international trade.
- Demonstrate how externalities may prevent market equilibrium from maximizing total benefit to society.
- Analyze how government tax systems balance efficiency and equity within markets.
Firm Behavior and the Organization of Industry
- Analyze the cost curves and how firmsâ decisions about prices and quantities depend on the market conditions.
- Compare various market structures and their characteristics.
- Determine profit-maximizing strategies based on market structure.
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