The course introduces basic concepts and principles of microeconomics including the nature of economics and economic systems, methods of allocating economic sources, theories of production and consumer choice; the role of markets and prices in a decentralized system; the theory of distribution and pricing of the factors of production. Demand and supply/elasticity.Income and cross elasticities of demand. Household behavior and the demand curve; Individuals and market demand. Marginal utility and the difference theories.Consumption possibilities. Firm’s choices and the supply curve, etc. Markets and Government, etc.
