An introduction to the principles of microeconomics. Topics discussed include fundamentals of the market system, determinants of consumer demand, output and pricing decisions of firms, the operations of competitive, monopolistically competitive, monopoly, and oligopoly product markets, labor and other factor markets, and the role of governments in economic activity.

CILO-1: Explain the behaviour of individual economic agents, such as households, firms, and governments, and how they allocate resources and respond to changes in the market. CILO-2: Analyze the laws of supply and demand and how they interact to determine the equilibrium price and quantity of a commodity or resource in a specific market. CILO-3: Apply microeconomic concepts to real-world scenarios, such as analyzing the effects of taxes or subsidies on market outcomes or technological advances on market structure. CILO-4: Evaluate the role of governments in the functioning of the market system, including how governments can intervene in the market to correct market failures or promote social welfare, and the potential costs and benefits of such interventions.