This course provides students with fundamental concepts, models, and theories of microeconomics. It focuses on how individuals, firms, and governments make decisions under conditions of limited resources. The course examines how consumers allocate their income to purchase goods and services, how firms produce and sell those goods and services, and the various ways in which governments may intervene. It introduces the role of the market price system in managing the use of society’s resources and distributing available supplies, and it evaluates the efficiency of resource management across a range of competitive market environments. Topics include consumer behavior, supply and demand, elasticity concepts, cost, production, and the pricing of factors in perfectly competitive markets, monopoly, monopolistic competition, oligopoly, regulation and economic policy, economic efficiency and productivity, social costs and benefits, public goods, and externalities.