Principles of Microeconomics

    Explain the concepts of demand and supply, identify the variables that can influence the demand and supply of a firm’s product or service, and determine equilibrium and the resulting market price and quantity. 2. Describe the outcome on price and quantity with government intervention in a market. 3. Explain the concepts of externalities and public goods. 4. Explain the economic model of consumer behavior. 5. Discuss the relevant costs that a firm faces in its decision making. 6. Compare and contrast the four different market structures in a market economy. 7. Explain in what sense the demand for labor is “derived” demand and the key factors that influence this demand. 8. Discuss, integrate, and explain the relevance of Responsible Stewardship in the context of microeconomic analysis.