Introduction to Microeconomics New

News reports on developments in financial markets or trends in important economic indicators like the unemployment rate can often give the impression that “the economy” is something akin to the weather, an aspect of the natural world whose ups-and-downs we may try to predict but that we must ultimately take as given. In reality, however, the economy is us: large-scale economic phenomena result from the aggregated effects of small-scale decisions – for instance, about how we spend our money or use our time – that all of us confront each and every day.

This course is designed to offer an engaging introduction to microeconomics, or the study of decision-making in the face of trade-offs and constraints. Motivated by practical questions about how individuals strive to balance work and leisure or how businesses decide to set prices for their products and services, students will become acquainted with foundational concepts in economics like opportunity cost, scarcity, comparative advantage, and economic rent. Class activities and exercises will provide opportunities for hands-on learning, and collaborative group work will allow students the chance to apply newfound knowledge to real-world issues, such as environmental regulation or the impact of emerging technologies on the labor market.

Those who successfully complete the course will be well-positioned for future studies at the undergraduate level in both economics and related fields, and will also come away equipped with new tools for understanding the economic systems of which we are all a part.