Microeconomics is the study of how businesses operate and the influence that economic decision-making has on markets, industries, and competition. In this course, students will explore what it means to think on the margin and understand the key principles of economics, including supply and demand; the impact of cost, utility, and externalities on businesses and markets; the impact of government policies and taxing; different forms of markets; the roles of profit and elasticity and competition; wages and how production decisions are made; and the factors of production.
