This course is a theory course in which cadets develop a thorough understanding of microeconomic modeling and models; it is a prerequisite for most downstream economics courses. The course develops a methodology that economists use to study the interaction among individual economic agents (such as consumers, firms and the government) and the allocation of scarce resources among these agents. The goal is for cadets to understand optimization, markets, and to some extent policy-making, using an integrated, theoretical model. Ultimately the consequence of a change in the market environment, in public policy or in the global economy can be assessed vis-+-vis its impact on individual economic agents.
