Welcome to the module Principles of Microeconomics (2ECN101, CECN101, CECX101). It shows how individuals, households, and businesses decide how to allocate scarce resources.. It covers topics such as:

1. Market forces of supply and demand

2. The Elasticity of demand and supply

3. Consumer behaviour and demand

4. Production and cost in the firm

5. Market structures such as perfect competition, monopolies, and oligopolies.

6. Factor markets and wage determination

Microeconomics aims to understand how individuals and firms make decisions and how these decisions affect market outcomes such as price, quantity, and distribution of goods and services.

The course will focus on how individuals make decisions that affect their income and wealth, how firms affect profits and production, and how government regulation affects individuals and firms. Upon completion, students should identify and evaluate consumer and business alternatives to achieve economic objectives efficiently.