ECON 1730 - Microeconomics

3 Credits

Microeconomics is a social science that studies how our society can maximize its economic welfare by the efficient use of resource and product markets. To facilitate this study, microeconomics has developed tools such as market models that simplify complex real-world situations. These tools are abstractions of reality from which basic economic principles are derived. These principles act as a guide to individual decisions and for society’s public choices. Fundamental issues covered are supply, demand, elasticity, competitive and non-competitive markets. International trade and the concepts of absolute advantage, comparative advantage and restrictive trade policies are also explored. 3C/3/0/0

Prerequisite(s): READ 0721 or READ 0724 or EAPP 0860 with a grade of “C” or better or appropriate assessment score

Minnesota Transfer Curriculum (MnTC) Goal Area(s): Goals 5 & 8