This course provides students with the basic theories, concepts, terminology, and uses of microeconomics. Students learn practical applications for microeconomics in their personal and professional lives through assimilation of fundamental concepts and analysis of actual economic events.
This undergraduate course is 5 weeks.
Attendance and participation are mandatory in all university courses, and specific requirements may differ by course. If attendance requirements are not met, a student may be removed from the course. Please review the Course Attendance Policy in the Catalog for more information.
Topics and Objectives
The Fundamentals of Microeconomics
- Describe the economic foundations that explain how people make decisions and interact.
- Illustrate how the models of supply and demand work.
Market Dynamics and Efficiency
- Demonstrate how supply and demand determine the price and quantity exchanged of goods and services.
- Examine market outcomes and the effectiveness of different economic policies using the concepts of consumer surplus and producer surplus.
Elasticity and Consumer Choice
- Calculate how quantity supplied and quantity demanded respond to changes in prices and income.
- Apply consumer choice theory to the decisions made by consumers to maximize their utility.
The Microeconomics of Product Markets
- Calculate the different costs associated with the production of goods and services.
- Determine the short-run and long-run profit-maximizing outcomes of various market
The Microeconomics of Resource Markets and Trade
- Analyze resource markets to determine resource prices and optimal resource utilization.
- Integrate the concepts of supply, demand, and market efficiency to analyze international trade and trade policies.
The University of Phoenix reserves the right to modify courses.
While widely available, not all programs are available in all locations or in both online and on-campus formats. More information about eligibility requirements, policies, and procedures can be found in the catalog.
Transferability of credit is at the discretion of the receiving institution. It is the student’s responsibility to confirm whether or not credits earned at University of Phoenix will be accepted by another institution of the student’s choice.