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The management of a firm or other business enterprise is fundamentally based on choice. The decision of what to produce, how to produce it, in terms of the relative share of inputs, how much to produce and in which markets to sell it are all fundamentally economic decisions made at the micro, or firm, level. This course aims to expose students to the application of relevant microeconomic theory to business decision making and explores the theory of economic choice and its application to a range of resource-use questions.

Microeconomics is part of the study of how the world works. It deals with business, household and government choices, the design and effects of policy and the efficiency and fairness of the way resources are used in a community. This course focuses upon a range of microeconomic principles, their use by economists in economic analysis and their relevance in the global economy. While drawing on the history of economic thought, it emphasises contemporary resource-use issues and developing an understanding of the economic way of thinking in relation to the allocation of resources.

On successful completion of this course, students should be able to:

1. demonstrate an understanding of the nature and method of micro-economics and of a set of selected microeconomic principles and theories;
2. apply microeconomic theory in the explanation of resource allocation decisions in a business environment;
3. undertake microeconomic analysis and develop strategic business-related advice using language literacy, computer literacy and numeracy;
4. critically appraise microeconomic theory and policy;
5. demonstrate problem solving skills required by economists through the use of microeconomic models under different market structures;
6. demonstrate an ability to communicate the results of an economic analysis to an audience of stakeholders in a potential project or decision;
7. develop self-creativity and take appropriate initiatives with regard to economic and financial decision.