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ECON102 Resources
General Importance of ECON102
Penn State's ECON102 course explores introductory Microeconomic Analysis and Policy. Microeconomics focuses on the financial, social, and political decisions of individual people and firms.
It also shows us how monetary and fiscal policies impact individual decisions.
More specifically, microeconomics examines how these decisions impact the economy. This branch of economics also explores the production of goods and services, and the allocation of resources.
Microeconomics applies to the daily life of each individual human being. For example, why might you choose to rent a home rather than buy one? A likely reason is that renting fits your budget, while buying does not.
But, why can't you afford to buy?
Perhaps inflation has increased significantly. If you buy a home, you will no longer be able to afford groceries or gas for your car.
But, why is inflation so high?
Maybe a natural disaster occurred last year, causing a decrease in available resources and an increase in price.
Well, under what economic circumstances will you finally be able to buy a home? Will you ever make the decision to buy a home?
Microeconomics explores the answers to these questions.
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