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Berkeley Global
Get an introduction to the study of microeconomics by understanding the theory of supply and demand, including how the theory is applied to explain the functioning of markets. Learn about different market structures and their relationship to market performance and efficiency, as well as labor and factor theory. Explore how public policy affects markets and how they operate. Discuss international trade and finance, as well as limitations of the market system and remedies for these limitations.
Course Outline
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Course Objectives
- Explain how demand is determined and how a firm's costs are categorized
- Identify the true costs associated with making decisions
- Describe and understand the science of economics
- Describe how costs affect firms' decisions on pricing and production levels and how those decisions are made in idealized market structures
- Discuss how firms make decisions on pricing and production levels in more realistic market structures, as well as the role of the government in regulating markets
- Identify ways in which firms decide what combination of inputs to use in the production process
- Describe how the price system is limited in terms of providing public goods, externalities and inequitable distribution of wealth, and the solutions to these limitations
- Discuss economic decision making and how public policy is made regarding the international marketplace
Course content subject to change.
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Spring enrollment opens on October 16!