The aim of this course is to introduce students to the principles of economics and to provide a basic understanding of how economic actors, such as households and firms, manage/allocate their resources efficiently. The course will provide students with the ability to evaluate the main microeconomic issues facing market economies, such as basic market structures, supply and demand, consumer behaviour, firm behaviour in product markets, the production process, input markets, decisions about market power and market failure in capitalist economies.

Definition, methodology and purpose of microeconomics, consumer behaviour and demand theory, co-benefit analysis, elasticity concept and its types, production and cost theory, co-product analysis, demand-supply and market equilibrium, market types and theory of firm behaviour, short and long run firm equilibrium in perfect and imperfect competition markets, factor market, general equilibrium