MICROECONOMICS

Students will study how individuals, households and firms make decisions in allocating limited resources in the market. This course will examine how these decisions and subsequent behavior affect the supply and demand for goods and services, which determines prices; and how prices, in turn, determine the supply and demand of goods and services.

The purpose of this course is to give an overview of Microeconomics, ie., how market functions. Market is just like a living organism ? it consists of several agents whose interactions results in the state of the market (eg., shortage of product, excess demand, excess supply, an increase in price etc.). Our intention is to give an overview of these interactions and their effects on the market.

1. At the beginning of each class I will check attendance.
2. If you arrive to the classroom later than 15 minutes after the class begins, please do not enter the classroom.
3. Please do not walk in and out during the class time
4. Telephone call and SMS are strictly prohibited. In case of emergency, you can just ask my permission to do so outside.
5. If you miss a class, it is your responsibility to acquire materials and catch up with your friends. Certainly, you can visit my office to ask for clarifications

none. Except basic algebra.

It is useful for many other courses, including Principle of International Economics, Macroeconomics etc.