Course info

The course provides an introduction to a core area of economics known as microeconomics. It considers the operation of a market economy and the problem of how best to allocate society's scarce resources. The course considers the way in which various decision-making units in the economy (individuals and firms) make their consumption and production decisions and how these decisions are coordinated. It considers the laws of supply and demand and introduces the theory of the firm, and its components, production and cost theories, and models of market structure. The various causes of market failure are assessed, and consideration is given to public policies designed to correct this market failure.