Introduction to Microeconomics

Introduction to Microeconomics

Course Description

The purpose of the course is to give students a thorough understanding of the principles of economics that are applied to the functions of individual decision makers, both consumers and producers, within the larger economic system.

Objectives

n  At the end of the lesson, students should understand the following:

n  The fundamental nature of economics - unlimited wants and scarce resources and the need to make choices

n  The three questions related to the economic problem and its implications for an economy

n  A definition of opportunity cost

n  Production possibility frontiers and their relevance to the concept of opportunity cost

LessonLesson 1: Introduction to Microeconomics

LessonLesson 2: Demand

LessonLesson 3: Supply

LessonLesson 4: Elasticity

LessonLesson 5: Consumer and Producer Surplus

LessonLesson 6: Market Structures

LessonLesson 7: Externalities

LessonLesson 8: Public Goods

LessonLesson 9: Consumer, Producers and the Efficiency of the Market

LessonLesson 10: The cost of Production