The purpose of an AP course in Microeconomics is to provide a thorough understanding of the principles of economics that apply to the functions of individual decision makers, both consumers and producers, within the larger economic system. It places primary emphasis on the nature and functions of product markets, and includes the study of factor markets and of the role of government in promoting greater efficiency and equity in the economy.

Prerequisite: Minimum grade of C in READ 100 or satisfactory test score; minimum grade of C in MATH 115 or MATH 101 or satisfactory test score. This course deals with the behavior of individual economic units such as the consumer, the business firm, or an economic sector. We discuss the basic market structures and how supply and demand interact to determine the prices of goods and services, labor, land and capital. Also discussed are profit maximization and the various economic models of competition, monopoly, monopolistic competition and oligopoly. [Semesters Offered: Fall, Winter]