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Microeconomics — New York University

Students completing the course should gain the following knowledge and skills:

  1. The ability to articulate tradeoffs in terms of opportunity cost, for individuals and for organizations.
  2. An understanding of comparative advantage and the gains from trade.
  3. The ability to employ marginal analysis in all types of decision making.
  4. An understanding of how economic agents (consumers, organizations, workers, etc.) behave and respond to incentives, and how those decisions collectively affect aggregate outcomes.
  5. An understanding of how markets work, and the ability to analyze the impact of economic events on market and organizational outcomes.
  6. The ability to recognize the strengths and weaknesses of markets as a way to organize economic activity, and when market failures are likely to arise. An understanding of how public policy can improve market outcomes.
  7. The ability to analyze and compare the efficiency and equity implications of alternative policy interventions.