Microeconomics is the study of how individuals, households, and firms make decisions and allocate limited resources, focusing on supply and demand, market structures, and consumer behavior. The course dives into concepts like opportunity cost, elasticity, and marginal analysis to explain real-world ...
Covers opportunity cost, tradeoffs, basic economic questions, and factors of production.
Understand how prices are determined in competitive markets through the interaction of supply and demand. Dive into elasticity, market equilibrium, and real-world market behavior.
Analyze how individuals make consumption choices under budget constraints. Learn about utility, preferences, income effects, and behavioral economics.
Examine how firms make production decisions in the short and long run. Study production functions, cost curves, economies of scale, and the role of technology.
Explore different types of market structures — from perfect competition to monopolies and oligopolies. Learn how market power affects pricing, output, and efficiency.
Delve into labor, capital, and land markets. Understand how wages, interest, and rent are determined, and how factor supply and demand shape income distribution.
Identify cases where markets fail to allocate resources efficiently, such as externalities, public goods, and asymmetric information. Explore how governments can (and can’t) intervene effectively.
Apply microeconomic principles to contemporary issues like environmental policy, healthcare, digital markets, and international trade. Connect theory to real-world policy debates.
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