This introductory undergraduate course introduces microeconomic concepts and analysis, supply and demand analysis, theories of the firm and individual behavior, competition and monopoly, and welfare economics.
This introductory course teaches the fundamentals of microeconomics. Topics include consumer theory, producer theory, the behavior of firms, market equilibrium, monopoly, and the role of the government in the economy. 14.01 is a Humanities, Arts, and Social Sciences (HASS) elective and is offered both terms.
The concept of supply and demand is often called the heart and soul of economics. It is the foundation for much of what is studied in the field. Understanding how supply and demand affect the economy helps us recognize economics everywhere in our daily lives.