Brief Course Description
1. Course Title:
Microeconomics
2. Language of Instruction:
English
3. Course Code:
ECO501097
4. Credits:
3
5. Course Objectives:
Microeconomics is an introductory course for students in the field of Economics. This course introduces the fundamental principles of microeconomics, with the aim of enabling learners to:
- Understand and explain the basic concepts of microeconomics.
- Analyze the behavior of consumers and producers, the decision-making process in allocating resources in production and consumption, and understand the role of incentives in these decisions.
- Identify and distinguish between different market structures, including competitive markets, monopolies, and oligopolies, and evaluate the efficiency of these market structures.
- Understand and explain the role of government in improving market efficiency and social welfare.
- Apply microeconomic concepts and principles to analyze real-world issues.
- Provide a foundation for subsequent courses.
6. Brief Description of Course Content:
This course introduces the fundamental principles of microeconomics, focusing on the analysis of decision-making processes of individuals and firms. Students are introduced to the ten basic principles of economics, become familiar with the way economists think, and gain an understanding of the benefits of trade and interdependence. The course also covers the forces of supply and demand in the market, elasticity, and the role of government intervention policies in market efficiency.
The main topics of the course include producer and consumer behavior, market efficiency, and the roles of taxation and international trade. The course further analyzes different market structures, including perfect competition, monopoly, oligopoly, and monopolistic competition. In addition, the course introduces consumer behavior theory.