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Introduction to Microeconomics

Microeconomics is the study of people in the “ordinary business of life”. As economic welfare depends upon the choices of people regarding the allocation and use of resources, it is necessary that ordinary members of the community and specialists in government and business, understand the account of these choices that are provided by microeconomic theory and are able to develop critiques of that theory. It is also necessary that they are able to appreciate, and undertake, microeconomic analysis of contemporary problems and policies. This course therefore explores the theory of economic choice and its application to a range of resource-use questions. Specifically, it focuses upon a range of microeconomic principles, their use in economic analysis, and their relevance in the global information economy. While drawing on the history of economic thought, it emphasizes contemporary resource-use issues and the development of the skills of economic specialists and non-specialists.

Course Code: 
ECON1001
Credits: 
3