Introduction To Microeconomics
This course is an introductory course. It introduces students to a wide range of economic concepts. Microeconomics is concerned with how economic systems operate to allocate resources, distribute income, and organize production through the decisions of individual economic agents (e.g. firms and consumers).
This course focuses solely on the operation of a market economy in this endeavor. In such an economy, markets determine society's production and consumption decisions by transmitting information about the plans of buyers and sellers (consumers and firms). This information appears in the form of market prices, on the basis of which economic agents make decisions regarding the allocation of economic resources between the production of different goods and services: much of microeconomics is concerned with analyzing the efficiency with which such decisions are made. The Unit is designed to provide an introduction to the methods of microeconomic analysis, including the use of simple economic models and their application.
The aims of the course are:
- To enable students to derive conclusions from simple economic models and evaluate their realism and usefulness.
- The course provides students with a thorough grounding in the basic principles of microeconomics and exposure to a range of applications.
- The course also provides a sound basis in the fundamentals of micro-economics and their application to both theoretical and real world situations. In the ultimate the students develop analytical skills using the major methods of mathematics and diagrams.
EXPECTED LEARNING OUTCOMES
By the end of the course unit, students should be able to:
- Define the field of introductory economics as a subset of the general field of economics.
- Explain the analytical approach to the study of how individuals and society deal with the fundamental problem of scarce resources as they try to make decisions on how to maximize their utility.
- Identify and apply the basic concepts and principles of economics in an attempt to use the available resources efficiently.
- Examine microeconomic tools in the analysis of issues such as firm subsidies, rent controls, protectionism and pollution among others.
- Explain the contemporary policy debates concerning the role of the government and the market.