Microeconomics

Microeconomics is a part of Economics, which studies a behaviour and mechanisms of decision-making by economic actors (individuals, households, business entities) who tend to meet their objectives in the context of natural scarcity. 

The course is started with utility theory and demand theory that reveals the fundamentals of consumer behaviour. The next step is to study the ways of firms’ operating in markets of perfect and imperfect competition. Resource markets are studied in details through the examples of labour market, capital market, land market and information market. The course is finalised with analysis of the concept of general equilibrium and market failures, the ways of the coping with latter. 

The following course/module was developed at the State University of Trade and Economics (Ukraine, Kyiv).

Learning outcomes / Competencies:

Mastering Marginal Analysis: gain the tools and master skills of marginal analysis of microeconomic processes and phenomena

Market Mechanism Understanding: knowledge of the ways of demand and supply balancing and the forces to stimulate and /or block the latter

Rational Microeconomic Decisions: master the benefit (utility, profit, etc.) optimization approaches to develop the rational decisions of microeconomic actors under existing restraints 

Strategies under Perfect and Imperfect Competition: develop competitive price and non-price strategies under perfect and imperfect (monopoly, monopolistic competition, oligopoly) competition in product and resource markets

Market Failures Regulation: understanding the nature and sources of market failures, best practises of their state regulation.