Difference between revisions of "Introduction to principles of microeconomics/Course objectives"
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| − | |body=Upon successful completion, you will be able to: | + | |body=Upon successful completion of this course, you will be able to: |
* explain the economic way of thinking; | * 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; | * 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 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.}} | + | * 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.}} | ||
Latest revision as of 05:43, 1 July 2016
