This course is an introduction to the study of the forces of supply and demand that determine prices and the allocation of resources in markets for goods and services, markets for labor, and markets for natural resources. The focus is on how and why markets work, why they may fail to work, and the policy implications of both their successes and failures. The course focuses on developing the basic tools of microeconomic analysis and then applying those tools to topics of popular or policy interest such as minimum wage legislation, pollution control, competition policy, international trade policy, discrimination, tax policy, and the role of government in a market economy.
Format: lecture; Sections taught by Professors Bradburd and Chao will be strictly remote, with both asynchronous and synchronous components. All other sections will be taught in a hybrid format and will include in-person elements.
Grading: yes pass/fail option,
no fifth course option
problem sets, quizzes, short essays, two midterms, final exam
This course is required of Economics and Political Economy majors and highly recommended for those non-majors interested in Environmental Studies and Women's, Gender and Sexuality Studies.
The department recommends students follow this course with ECON 120 or with a lower-level elective that has ECON 110 as its prerequisite; students may alternatively proceed directly to ECON 251 after taking this introductory course.
Course involves mathematical modeling of real-world phenomena, analyzing quantitative results, and describing those results in words.
POEC Required Courses