Theories of production, determination of prices and distribution of income in regulated and unregulated industries. Attention is also given to industrial relations, monopolies and comparative economic systems.
Course Goals
After you have completed this course you should be able to:
- Understand the factors that determine the prices and quantities of products produced.
- Discuss how firms facing different amounts of competition set the price of their product and choose how much to produce.
- State when and why government intervention in the economy is desirable and when it is undesirable.
- Explain what factors shape people’s income and discuss recent trends in income inequality.
- Present reasons why free trade among nations is the best economic policy.