Microeconomics – BUS 1103:
Learning Materials

Get Ready For Your College Courses

To best prepare for your future studies, please review the below preparation resources. We encourage you to use the time before starting your first term, to get a taste of the topics of your upcoming courses. There’s no better time to start than now! Good luck with your studies!


Learn Microeconomics

Course Overview

This is an introductory course in Microeconomics. In this course, we will learn about basic elements of consumer and firm behavior, different market structures and their effects on welfare, and the direct and indirect role of the government in determining economic outcomes.


Preparation Resources

Microeconomics – BUS 1103 -Course Schedule and Topics:

This course will cover the following topics in eight learning sessions, with one Unit per week. The Final Exam will take place during Week/Unit 9 (UoPeople time).


Unit 1: Introduction to Economic Principles
1. Thinking like an Economist, Opportunity Costs, Production Possibility Frontier.
2. Mathematical Requirements: Graphs, slopes, functions.


Unit 2: Economic Models: Supply and Demand
1. Demand and Supply Curves: Definition and Examples. Equilibrium and
Comparative Statics


Unit 3: Properties of Demand and Supply curves
1. Elasticity and its properties:
2. Supply, Demand and Government Policy: Consumer and Producer Surplus.
Application to taxation


Unit 4: The Theory of the firm
1. Production and Cost. How firms make decisions for profit maximization
2. Cost structure, marginal revenue, marginal cost


Unit 5: Market Structures: Perfect Competition and Monopoly
1. Perfect Competition
2. Monopoly and perfect Competition: Price Discrimination


Unit 6: Other Market Structures
1. Monopoly (continued)
2. Monopolistic Competition, Oligopoly. Introduction to Game Theory


Unit 7: Market Failures:
1. Markets with Externalities
2. Public Goods:
3. The Tragedy of the Commons


Unit 8: Efficiency and Equity
1. Comparative Advantage and Gains from Trade
2. Inequality measures

Unit 9: Final Exam