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Foundations of Microeconomics

Credential Earned: 

This course explores the three fundamental economic questions: what to produce, how to produce, and for whom to produce. After completing this course, students will be able to explain transactions between firms and households in terms of a circular flow model, articulate basic market mechanics using a demand and supply model, analyze the role of the price system in determining production and consumption, and compare the strengths and weaknesses of markets and the government’s interventions.

Students enroll in ILRLE 1411.

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