In this course, we have studied the foundation of microeconomics as it developed from basic components of economic analysis. We considered the scarcity of resources coupled with unlimited wants and the need for efficiency to best allocate those scarce resources.

We applied principles, rules, laws, and concepts emanating from our observation of human nature and human interaction. We studied the rationality assumption, opportunity cost, the law of diminishing marginal utility, and the profit-maximizing level of output rule (MC=MR).

Summative Reflection

1. In what ways have you improved by taking this course? What brought about these improvements?

Point to specific experiences, assignments, or concepts in this course that enabled you to improve.

1. What was your biggest "Ah ha" concept or principle learned in this course? Describe in what way(s). Be specific.
2. What skill(s) did you master in this course signature assignment? Be specific.