UAECO 163 J - Microeconomics

4 Credit(s)

This course will survey the basic principles of microeconomics. 1) The student will learn how the market system operates to determine prices, allocate resources into alternative productive uses and impact social welfare. 2) The student will learn the circumstances under which markets may fail to provide an optimal or efficient allocation of resources and the policy options for dealing with this failure. Specifically we will evaluate the consequences of a) different degrees of competition in the marketplace; b) poorly established or defined resource ownership; and c) incomplete information for decision making. 3) These economic principles will be applied to an analysis of various current social issues (health care, asymmetric information problems and environmental spillover effects).

Prerequisite(s): None.