The course introduces students to introductory theories and principles of microeconomics and their relevance to economies around the world. The course will start with an understanding of economic choices in a typical market-based economy and the circular flows of market-based products and resources and their values within the economy. The course will then introduce consumer and producer behavior under different market structures as the core topics of this course. Important economic theories to be introduced are, demand, supply, elasticity, cost structures, as well as economic welfare. Further, the course will introduce the concepts of wealth creation, environmental considerations in economic decisions, income distribution and Foreign Trade.
- Teacher: Rajendra Chaini