How do economists predict what will happen in the markets? Was the fall in oil prices really predictable based on microeconomics principles? Why is the price of eggs going up so much in 2015? How are prices set in the market? How much of a product will consumers purchase? How much of a good should producers supply in a market? These and other questions are answered in Principles of Microeconomics, where the laws of supply and demand for products is covered.
Students will examine both the public and private sectors of the economy, as well as how government intervention or lack of intervention impacts the economy. Students will evaluate the efficiency of the outcomes with respect to price, output, consumer surplus, and producer surplus. The microeconomics course draws on current and past market conditions such as fluctuating stock market levels and gas prices, how to interpret these conditions and develop a prediction of market and economic behavior.