Program Overview
This introductory microeconomics course covers fundamental concepts such as individual choice, supply and demand, consumer behavior, and firm optimization in various market structures. The course culminates in applying microeconomic theory to advanced topics like international trade and equity-efficiency trade-offs. Prior completion of the Business Math Skills Self-Assessment is recommended for optimal understanding.
Program Outline
Degree Overview:
The allocation of scarce resources in the face of unlimited wants and needs is at the core of economics. The course starts with the study of individual choice and opportunity cost, then proceeds to introduce supply and demand and the market adjustments leading to equilibrium, and addresses the use of market price and the sources of market failure. It transitions to consumer behaviour focusing on how consumers make decisions, while creating a framework to understand how firms optimize production under different market structures. The course concludes with the application of microeconomic theory to more advanced topics such as international trade, marginal analysis and the trade-off between equity and efficiency.
Other:
Learners are recommended to complete the Business Math Skills Self-Assessment (https://bowvalleycollege.ca/schools/chiu-school-of-business/MSA) prior to taking this course.
