The discipline of economics looks at how society produces and distributes goods and services to the marketplace. In Microeconomics, students explore the factors that influence buyers and sellers and learn how markets coordinate the decisions of individual buyers and sellers to determine market price. The concept of elasticity is used to determine how strongly people respond to changes in price or income. Finally, different market structures are identified, and production decisions are examined within a cost/revenue framework. Together with Macroeconomics, this course provides an introduction to the fundamental concepts and tools of economics.