Principles of Microeconomics

(3-4 Credit Hours) · Undergraduate

Taught at a host institution. Microeconomics focuses on the analysis of economic phenomena from the perspective of "individuals", consumers and firms. It will be explained how consumers and producers together determine the prices and quantities of goods available in the marketplace. We will investigate the underlying incentives of consumers to buy output and of firms to produce commodities and services that satisfy consumer demand. The course will cover the basic concepts and tools needed to undertake the analysis of those issues that arise from scarcity of resources. In addition, the functioning of competitive markets will be analyzed. We will assess how well the markets perform in allocating goods and services among people, and scarce resources among competing uses. We will be dealing with such topics as the determinants of demand and supply, market equilibrium, the concept of efficiency, and the issue of market failures and government intervention and regulation. Moreover, time permitting we will study the cost structure and production technology of the firm, firm behavior on the marketplace, various market structures, such as perfect competition, monopoly, and oligopoly. SY - Sydney, Australia: The course covers the economic maneuvers of individual firms as they interact in a market. This introductory course grants a foundation to the analytical methods and language needed in economics to work through policy issues and social habits. This is a course preparing students for advanced microeconomics by giving a comprehensive introduction to its topics.