ECON 180: Principles of Economics: Microeconomics

Explore the fundamental concept of scarcity in economics. Understand the tension between our infinite desires and the finite resources we have. Grasp how scarcity influences our choices, necessitating trade-offs in everyday decisions.

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.

Explore the differences between the Four-firm Concentration Ratio and the Herfindahl-Hirschman Index. Understand how they assess market concentration and dominance. Get insights into market power dynamics by comparing these two indices.

Discover the intricate components of an economy, including savings, budgets, and trade balances. Learn how these elements interconnect and influence private investment. Understand an economic identity that determines an economy's investment levels.

Explore the intricacies of monopolies and price discrimination in the market. Unpack myths and truths about consumer behavior and pricing strategies. Real-life examples illuminate these fundamental economic concepts.

Discover the pivotal role of assumptions in economics as we navigate the challenges of studying intricate market behaviors and human actions. Unveil how these simplifications foster comprehensive economic analyses and predictions.