Course Objective: The objective of this course is for students to understand the core concepts of microeconomics and to understand how consumers and firms behave in the world around them. This course assumes no previous economics knowledge.
1. Understand the ten fundamental principles on which the study of economics is based on and that economists use to approach economic problems.
2. Understand consumer and firm behavior in the markets.
3. Understand supply and demand interaction and learn the importance of elasticity of supply and demand.
4. Understand the behavior of consumers and producers, as well as the efficiency of markets and its applications in taxation.
5. Learn what the costs of production are and how production decisions are made.
6. Understand and analyze different types of market structures (competitive markets, monopoly, monopolistic competition,
7. Understand how to apply economic principles to labor markets, earnings and discrimination.
- Teacher: Saatchi Jeffrey