The course provides an introduction to principles of economics and their explication: analysis of the allocation of scarce resources, the economics of the firm, markets and the price system.
This class introduces many basic concepts of microeconomics. This is a study of choice, incentives, constraints, and optimization. Economics requires a different way of thinking. In this field, we step back a little to look at the world as the culmination of individuals making self-serving choices. In that seeming selfishness, there are wonderful outcomes: efficiency, comparative advantages, trade, development, and leveraging. However, there are also many potential market failures to discuss. So the main goal is developing a way of thinking like an economist.