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Principles of Microeconomics

Course Code ECON-205
Lecture hours per week 3
Lab hours per week
Course Availability: Open

This course introduces the student to the principles of microeconomics. The course will examine the behaviour of individual consumers and business firms as they try to deal with the fundamental economic problem of scarcity. The course examines some of the big ideas that recur throughout economics such as opportunity cost, marginal decision-making, the role of incentives, and the efficiency of market allocations. The course examines how prices are established by supply and demand conditions in the various types of market structures, and why it is sometimes necessary for government to become involved in the market.