|Number of hours||45hrs|
Microeconomics builds on the notions of incentives, marginal analysis, demand, supply and markets first introduced in Macroeconomics (383920RE). Students will develop a deeper understanding of how markets work, why markets sometimes fail to ensure efficient resource use and what can be done about it, especially by government. In addition to studying the economic behaviour of firms and consumers, students will learn about elasticity, externalities, public goods, production costs, and competitive and non-competitive market structures. Students use the economic concepts and theories to analyse real-world examples mainly drawn from current events. This course is required for students in the Commerce Profile.