Principles Of Microeconomics

ECN2002 Principles of Microeconomics
4 Intermediate Management Credits

**This course is equivalent to SME2031. Students who took SME2031 cannot take this course.**

Microeconomics examines the decisions made by consumers, firms and governments in allocating scarce resources. In a market economy, most allocation is determined by buyers and sellers coming together in markets. In this course, you will delve into the guiding principles that explain both consumer and firm behavior in markets for goods and services. Managers must deal with real-world constraints in making decisions about production and pricing, while consumers are subject to the constraints of income and prices in satisfying their needs and wants. Microeconomic principles also highlight the roles that governments play in the markets as they try to increase the general welfare by, for example, setting rules for the market or providing goods and services the market cannot efficiently provision. This course also examines the nature of competition and how the level of competition in a particular market affects output, prices and profits.

Prerequisites: None