Course Purpose and Objectives

To provide a basic knowledge of the microeconomic environment in which consumers and businesses operate. To give an overview of the modern market economy as a system for dealing with the problem of scarcity, supply and demand analysis, resource allocation, and the rational of government intervention.

Learning Outcomes

Upon completion of this course students will be able to:

1.     Explore key concepts and examine the operation of the market economy.

2.     Review consumer theory and develop the theory of supply.

3.     Distinguish perfect competition and pure monopoly against imperfect competition and identify the market structure.

4.     Identify the possible risks and issues in economic life and use logical and creative approaches to cope.

5.     Recognize how to define and investigate policies and government intervention.