ECON 451: Game Theory

Understand the economic implications of "cost" and its relevance in daily decision-making. Learn about shoeleather costs, including its tangible and intangible components. Grasp how different scenarios impact these costs and ways to optimize them.

Explore the historical barter system and its challenges, particularly the double-coincidence of wants. Witness how the need for simpler transactions led societies from direct barter to embracing mediums of exchange like money.

Distinguish between positive and normative economic statements with real-world examples. Grasp the difference between objective explanations and value judgments in economics. Master the foundations of economic thought and their application.

Unpack the primary subdivisions of economics: Microeconomics, centered on individual economic agents, and Macroeconomics, which looks at broader economic trends. Understand the core differences and inherent connections between these two fields. Explore real-world examples to comprehend their implications.

Discover the intricate workings of a market economy, highlighting its notable advantages such as efficiency and innovation, and addressing the critical challenges like income inequality and market failures. Understand the balance between market and non-market elements in global economic systems.

Learn about the intricacies of opportunity cost and its broader implications. Delve into the balance between human and physical capital, understanding the risks of overinvestment. Grasp the Law of Diminishing Marginal Returns and its effects on national strategies.