Description: This course will cover topics in both microeconomics and macroeconomics. Microeconomics is the study of how individual economic "agents" (consumers, households, firms, etc.) with limited resources but unlimited wants make choices and how market-level outcomes (prices, quantity of trade, etc.) are determined when these agents interact. Since essentially all real-world choice problems involve tradeoffs, microeconomic models of decision-making have very abroad applicability. Macroeconomics focuses on measuring the aggregate economy and understanding the causes of its growth and fluctuations.
In this course there are two major objectives. The first is to introduce students to the types of questions economists seek to answer and the ways that they go about answering them - that is, how economists think. The second is to acquaint students with the basic concepts and theories relating to the behavior of individual consumers, firms, governments, and markets.
Official UT Course Description: Explores how economists describe and measure the economy in the aggregate and in specific markets, such as the labor market, the housing market, financial markets, and international trade. Studies concepts for measurement and data, as well as methods, approaches, and technologies used in social and behavioral science.