Course Description

This course begins with the meaning of important microeconomics concepts (such as ‘ten principles of economics’, ‘thinking like an economist) before introducing standard microeconomic theory. After that, topics include interdependence and the gain from trade, the market forces of supply and demand, elasticity and its application, the efficiency of markets, welfare as consumer and producer surplus, the market failures such as externalities, the government policies such as regulation, public goods and tax systems.