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Document Summary
Introduction: in this class we will begin with the basics of economic theory by looking at concepts of supply, demand and price. Then we will focus on more in-depth issues of consumer and producer choice, and the structure of markets. The theme of the class is the understanding of markets and market failures. We will look at what it means for markets to work, and the advantages and disadvantages of a market-based economy. We will also explore why, and what happens when markets don"t work. The goal is to develop a critical understanding of how the economy around us works, or doesn"t work. The assignments and in-class exercises are intended to develop an understanding of the material by requiring the student to understand the importance of context as they critically consider and apply the ideas, methods and models examined in the class.
