ECON 263 - Elementary Microeconomics

Institution:

Westminster College (Salt Lake City)

Subject:

Economics

Description:

This course provides an introduction to microeconomics. We study how individuals, firms and governments make important decisions to get the most from a limited availability of resources. We examine how they achieve this through interactions in the markets, under perfect and imperfect competition. We explore how markets and governments complement each other.The topics include: supply and demand, elasticity, market efficiency, externalities, and market structure, etc. In this class, we frequently use algebraic and graphical analysis, in addition to qualitative analysis. As a prominent economist, John Maynard Keynes, once wrote, "The theory of economics does not furnish a body of settled conclusions immediately applicable to policy. It is a method rather than a doctrine, an apparatus of the mind, a technique of thinking which helps its possessor to draw correct conclusions." We expect students to learn the economic way of thinking after taking this class.

Credits:

3.00

Credit Hours:

Prerequisites:

Corequisites:

Exclusions:

Level:

Instructional Type:

Lecture

Notes:

Additional Information:

Historical Version(s):

09/05/1985 - 05/14/2016 

Institution Website:

www.westminstercollege.edu

Phone Number:

(801) 484-7651

Regional Accreditation:

Northwest Commission on Colleges and Universities

Calendar System:

Four-one-four plan

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