Principles of Microeconomics

(3,4 Credit Hours) · Undergraduate

This course aims to familiarize the student with the core concepts of microeconomics. We begin the course with the general introduction of economics and move on to learn the market operates by studying the decision making of individuals and firms. TJ AIBE 2001 description: This course examines how individuals and firms make decisions by weighing up costs and benefits, and how the interaction of their decisions leads to market and social outcomes. We employ the demand and supply model to examine the effects of taxes, subsidies, and other government interventions in market activity. The implications of different market structures, including perfect competition and monopoly, are examined. Externalities, information asymmetry and public goods are key examples of cases in which private markets may yield socially sub-optimal outcomes, and the role of government policy in correcting for these outcomes is discussed. RE EC 201-7 description: This course introduces the students to the basic principles of microeconomics and the study of the behavior of individual agents, such as consumers and producers. The first part of the course reviews the determinants of supply and demand, the characteristics of market equilibrium, the concept of social welfare, and the consequences of price controls, taxation, and externalities on social welfare. The second part of the course deals with market theory, with a review of cost concepts and market structures: competition, monopoly, oligopoly, and imperfect competition.