Economics can be defined as the study of exchange given certain institutional arrangements, or it can be viewed as the study of human action—people making choices. This university-level, semester course focuses on microeconomics concepts. Through a variety of teaching methods including lecture, simulations, group activities, discussions, and debates, students explore microeconomic topics, including fundamental concepts such as scarcity and opportunity cost, the role of prices in allocating goods and services, applications of supply and demand to public policy issues, public choice analysis, public goods theory, externalities, and market structures.