Principles of Microeconomics

DESCRIPTION: 
Introduction to economics and the economy. The market system and the market model. Consumer theory, costs, production and the theory of the firm. Pricing and output determination in various market structures.

RATIONALE: 
This course is intended for freshmen. It introduces them to the economic problem and the way society organizes itself to resolve it. It primarily concentrates on the individual economic agent (consumer - producer) and thus paves the way for Principles of Economics II, which deals with the economy as a whole. By introducing the student to certain economic tools for theoretical analysis it prepares him/her for more advanced courses in economics, finance and management science.

LEARNING OUTCOMES: 
As a result of taking this course, the student should be able to:
1. Demonstrate knowledge of core microeconomic concepts and principles.
2. Describe the economic organization of a modern market economy.
3. Apply the necessary analytical tools to analyze decision making by individual consumers and firms, such as demand, supply, pricing and resource allocation.
4. Describe and illustrate how costs are measured and how they vary in the short and long run.
5. Demonstrate detailed understanding of output and price determination in various market structures

METHOD OF TEACHING AND LEARNING: 
In congruence with the learning and teaching strategy of the college, the following tools are used:
- Class lectures, interactive learning (class discussions, group work) video presentations, and practical problems solved in class.
- Exercises and primary source documents are assigned as homework, the solutions of which are reviewed in class
- Office hours: students are encouraged to make full use of the office hours of their instructor, where they can ask questions, see their exam paper, and/or go over lecture material.
- Use of a blackboard site, where instructors post lecture notes, assignment instructions, timely announcements, as well as additional resources.