Introduction
Microeconomics deals with the behaviour of individual economic units, such as consumers, workers, investors, owners of land, and business firms. Microeconomics explains how these units make economic decisions. Another important concern of microeconomics is how these economic units interact in markets and in industries.
The course is international in that we look at market economies - an economic system we find around the world. At the same time as the system has created growth and welfare, it also provides opportunities for privileges and monopoly power. Therefore, understanding the necessity of market corrections forms an important part of the course.