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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.