With accomplishing the requirements of this course, students should have developed a range of skills enabling them to understand economic concepts and use those concepts to analyze specific questions. By the end of this course, students should be able to: Understand consumer behavior. Understand firm behavior. Analyze different types of market structures (monopoly, oligopoly and a competitive market). Understand how to apply economic principles to a range of policy questions.

The purpose of the course is to provide a basic understanding of how economic actors decide to allocate their available resources in an efficient way. The course introduces basic microeconomic topics such as market structures, supply and demand, consumer behaviour, firm behaviour in output markets, the production process, input markets, decisions in regards to market power and market failures in capitalist economies.