Economic Principles Of Policy Analysis
Description: Microeconomics is the study of how individuals and firms makes choices, and how these choices interact in society. Economics shares with other behavioral sciences the general goal of explaining and predicting human behavior. The distinguishing feature of the economic approach is the emphasis on rational decision making under conditions of scarcity. This course is an introduction to the basic concepts and tools of microeconomics. We study how markets work, with an emphasis on analysis of the effects of public policy on the welfare of society.
Learning Outcomes: Upon successful completion of this course a student will be able to: • Use economic concepts to describe and predict human and firm behavior under resource constraints. • Use microeconomic models to solve supply and demand problems under perfect and imperfect competition. • Identify market failures, predict how individuals and firms will respond, and suggest appropriate government intervention. • Apply microeconomic concepts and analysis to managerial and public policy decisions in their respective fields. • Critically evaluate economic arguments in public policy debates.