Introduction to Microeconomics

Description

Scarcity, exchange and trade. Market analysis and policy. Consumer choice theory. Theory of the firm. Imperfect competition. Externalities and public goods.

The two ECON 100 level courses in Economics (i.e. ECON104 and ECON105) aim to:
• Develop economically literate citizens.
• Provide students with experience in basic economic methodology and analysis.
• Introduce students to the process of economic reasoning.
• Enhance students' ability to critically interpret the economic 'wisdom' of the popular media.
• Provide preparation for further study in the subject (specifically with reference to courses at Canterbury).

ECON104 studies microeconomics, which examines theories of how consumers and producers behave and interact in individual markets.  The course covers a general study of the workings of markets and a more in-depth analysis of the two sides – supply (producers) and demand (consumers).  The course also covers issues that do not fit the conventional assumptions of the supply and demand framework.

ECON104 is a prerequisite for ECON230 or ECON231, either of which is a compulsory subject for students majoring in Economics.  ECON104 is also required by ICANZ and serves as a prerequisite for management courses.

Mathematics, in the form of simple algebra, will be used to introduce students to formal economic analysis and to complement the graphical and verbal exposition of material.