ECON 101 examines the microeconomics of capitalism — the behavior of households and businesses, the generation of prices and outputs in markets, and applications to public policy. Specific topics in ECON 101 include:
- supply and demand;
- the differences between competition and monopoly;
- environmental problems and policies;
- labor markets; and
- international trade.
ECON 101 is the first part of the two-term introduction to economics — the second part (ECON 102, for which ECON 101 is a prerequisite) examines macroeconomics.
Textbook: "Microeconomics" by Paul Krugman & Robin Wells, Third Edition. The book is recommended, not required.
Students will be evaluated based on in-class exams, quizzes, and graded problem sets.
Prerequisites for ECON 101: high school algebra and geometry and a willingness to use them.
ECON 101 and 102 are required as prerequisites to an Economics major and to upper-level courses in Economics. ECON 102 should not be taken without having taken ECON 101.
The course format consists of 2 lectures and 1 discussion section per week.