Develops facility with concepts, language, and analytical tools of economics. Covers microeconomics, macroeconomics, and international trade and payments. Emphasizes integration of theory, data, and judgment in the analysis of corporate decisions and public policy, and in the assessment of changing US and international business environments. Restricted to Sloan Fellows. The fact of scarcity forces individuals, firms, and societies to choose among alternative uses -- or allocations -- of its limited resources. Accordingly, the first part of this summer course seeks to understand how economists model the choice process of individual consumers and firms, and how markets work to coordinate these choices. It also examines how well markets perform this function using the economist's criterion of market efficiency. Overall, this course focuses on microeconomics, with some topics from macroeconomics and international trade. It emphasizes the integration of theory, data, and judgment in the analysis of corporate decisions and public policy, and in the assessment of changing U.S. and international business environments.

Learn about how to represent a monopoly market graphically in this video. Topics covered include the profit-maximizing quantity, pricing decisions, and deadweight loss associated with monopolies.

This is a course in industrial organization, the study of firms in markets. Industrial organization focuses on firm behavior in imperfectly competitive markets, which appear to be far more common than the perfectly competitive markets that were the focus of your basic microeconomics course. This field analyzes the acquisition and use of market power firms, strategic interactions among firms, and the role of government competition policy. We will approach this subject from both theoretical and applied perspectives.

This video discusses the differences in a graph of marginal cost and marginal revenue for an imperfectly competitive firm compared to a perfectly competitive firm.

Learn about the key differences between the two extremes of competition: monopolies and perfect competition.

A monopolist might be pretty happy about its extraordinary profits, but these come at a cost for society. In this video we explore the welfare implications of a monopoly market. Created by Sal Khan.

A monopolist's marginal revenue curve is always less than its demand curve. We explore why using a numerical example in this video. Created by Sal Khan.

In this video we explore how a monopolist decides on the best quantity to produce and the price to charge for that quantity. Created by Sal Khan.

Using some basic calculus to show that marginal revenue has twice the slope of the demand curve for a monopolist. Created by Sal Khan.

The most common forms of competition you learn about in microeconomics are perfect competition, monopolies, oligopoly, monopsony, and monopolistic competition. In this video we briefly describe the key features of each.

In this video, we review the key features, behavior, and consequences of a monopoly. Created by Sal Khan.

In imperfect competition, firms have some control over the price they charge, so the individual firm's demand curve is not horizontal. Learn how that fact also changes the marginal revenue curve in this video.

What is economics and why should you spend your time learning it? After all, there are other disciplines you could be studying, and other ways you could be spending your time. As the Bring it Home feature just mentioned, making choices is at the heart of what economists study, and your decision to take this course is as much an economic decision as anything else.

Economics is probably not what you think it is. It is not primarily about money or finance. It is not primarily about business. It is not mathematics. What is it then? It is both a subject area and a way of viewing the world.

 U.S. History is designed to meet the scope and sequence requirements of most introductory courses. The text provides a balanced approach to U.S. history, considering the people, events, and ideas that have shaped the United States from both the top down (politics, economics, diplomacy) and bottom up (eyewitness accounts, lived experience). U.S. History covers key forces that form the American experience, with particular attention to issues of race, class, and gender.Senior Contributing AuthorsP. Scott Corbett, Ventura CollegeVolker Janssen, California State University, FullertonJohn M. Lund, Keene State CollegeTodd Pfannestiel, Clarion UniversityPaul Vickery, Oral Roberts UniversitySylvie Waskiewicz

By the end of this section, you will be able to:Explain how the inventions of the late nineteenth century contributed directly to industrial growth in AmericaIdentify the contributions of Andrew Carnegie, John Rockefeller, and J. P. Morgan to the new industrial order emerging in the late nineteenth centuryDescribe the visions, philosophies, and business methods of the leaders of the new industrial order

Inventors of the AgeFrom Invention to Industrial GrowthBuilding Industrial America on the Backs of LaborA New American Consumer Culture