Course objectives

Objectives

Upon successful completion of this course, you will be able to:

• explain the economic way of thinking;
• identify how individual economic agents make rational choices given scarce resources, and explain how to optimize the use of resources at hand;
• apply the concept of marginal analysis in order to make optimal choices, and identify whether the choices are efficient or equitable;
• apply basic economic models related to production, trade, and the circular flow of resources;
• analyze and apply the mechanics of demand and supply for individuals, firms, and the market;
• determine equilibrium in the market under various situations that either cause movements or shifts in demand and supply;
• apply the concept of elasticity as a measure of responsiveness to various variables; and
• analyze how the market can be manipulated through price controls or quantity controls.