Microeconomics digs into how individuals and businesses make decisions in a world of scarcity. You'll explore supply and demand, market structures, consumer behavior, and firm theory. The course covers concepts like opportunity cost, elasticity, and marginal analysis. You'll also learn about market failures, externalities, and government interventions in the economy.

Is Principles of Microeconomics hard?

Microeconomics can be tricky, especially if you're not a math person. The concepts aren't rocket science, but they do require some logical thinking and graph interpretation. Many students find the material interesting, which helps. The math isn't too intense, mostly basic algebra and some simple calculations. With consistent effort and practice, most students do fine.

Tips for taking Principles of Microeconomics in college

Use Fiveable Study Guides to help you cram 🌶️
Practice drawing supply and demand graphs until you can do them in your sleep
Use real-world examples to understand concepts (e.g., think about elasticity when buying gas)
Stay on top of current economic news to see microeconomic principles in action
Form a study group to discuss and debate economic policies
Master the concept of opportunity cost - it comes up everywhere
Watch "The Big Short" for a dramatic look at market failures and information asymmetry
Read "Freakonomics" for fun applications of microeconomic principles

Common pre-requisites for Principles of Microeconomics

College Algebra: Covers equations, functions, and graphs. Essential for understanding the mathematical concepts in microeconomics.
Introduction to Statistics: Focuses on data analysis and probability. Helps in interpreting economic data and understanding statistical models used in microeconomics.

Classes similar to Principles of Microeconomics

Macroeconomics: Examines the economy as a whole, including topics like inflation, unemployment, and economic growth. It complements microeconomics by providing a broader economic perspective.
Game Theory: Explores strategic decision-making in competitive situations. It applies microeconomic principles to analyze how individuals and firms interact in various scenarios.
Behavioral Economics: Combines insights from psychology with economic theory. It examines how social, cognitive, and emotional factors influence economic decisions.
Environmental Economics: Applies microeconomic principles to environmental issues. It analyzes the economic impacts of environmental policies and the valuation of natural resources.

Economics: Focuses on the production, distribution, and consumption of goods and services. Students learn to analyze economic data, develop models, and understand complex economic systems.
Business Administration: Covers various aspects of managing organizations, including finance, marketing, and operations. Microeconomics provides a foundation for understanding market dynamics and business decision-making.
Finance: Concentrates on managing money, investments, and financial systems. Microeconomic principles are crucial for understanding market behavior and financial decision-making.
Public Policy: Examines how governments develop and implement policies. Microeconomics helps in analyzing the economic impacts of various policy decisions and understanding market failures.

What can you do with a degree in Principles of Microeconomics?

Financial Analyst: Evaluates investment opportunities and provides financial advice to businesses and individuals. They use microeconomic principles to analyze market trends and make informed predictions.
Market Research Analyst: Studies market conditions to examine potential sales of products or services. They apply microeconomic concepts to understand consumer behavior and market dynamics.
Economic Consultant: Advises businesses and governments on economic issues. They use microeconomic models to analyze problems and propose solutions in various industries.
Policy Analyst: Evaluates the effects of existing policies and proposes new ones. They apply microeconomic principles to assess the impact of policies on different economic actors and markets.