The purpose of this course is to help the student acquire a greater degree of economic literacy to better understand the functioning of our social system. Economics is a technical discipline with its own specialized vocabulary and methodology and is also a subject where informed positions widely diverge. The student is expected to understand as well as to analyze complex social and economic settings. This course starts from how supply and demand cause prices changes leading different market equilibrium. We will examine how market economies are efficient, and the way governments can make our economy less or more efficient. We will delve behind the supply curve to see how firms choose their production levels to maximize profits, culminating in the model of perfect competition. We will look at market failures such as imperfect competition (monopoly and oligopoly) and externalities.
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DelaCruz, Juan J., "ECO 167 Introduction to Microeconomics" (2018). CUNY Academic Works.