Microeconomics for Beginners

Course Overview:This course is designed for all the students who wish to learn Economics and/ or clear their basics about the course to have a better understanding of the subject and take up more challenging courses in the discipline.This course will be most suited for UG/ PG students studying Microeconomics in courses like - BBA, B.Com, BA, M.Com, and MBA. This course is designed keeping in mind the needs of the learners and the difficulty they face in learning economics. An attempt is made to deliver the regular concepts of economics in a manner that will enable the learner to understand and apply the economic logic to real-world situations. Thereby, concretizing the learning and appreciating its relevance.There is always a gap in understanding basic market dynamics such as – why the prices of products go up, why governments change the interest rate, why certain products have subsidies while others have taxes levied on them, what determines the extent of taxation, and who bears the burden of taxation, why is there dampening of demand, why is there a liquidity crisis, so on and so forth. This course will help learners understand the underlying behavior of individuals in the economy and how that behavior leads to different outcomes in different situations.By the time this course is completed the learners will learn – (i) Fundamentals of an economy, (ii) Who are consumers? What role do they play in the economy? How does the behavior of these individual consumers affect at the aggregate/ market level? (iii) Who are the producers? What role do they play in the economy and How does the behavior of these individual producers affect at the aggregate/ market level? (iv) Cost concepts, revenue concepts, and market equilibrium.By doing this course the learners can understand and appreciate concepts in economics and its contribution to the economy.This course builds a foundation in economics for the learners and puts them at a level from which they can grasp complex courses in the discipline.The Course Objectives include:1. Explain the fundamentals of how an economy works.2. Illustrate how the economic environment influences individual consumer behavior collectively contributing to the demand curve.3. Demonstrate how individual producer’s behavior collectively leads to the formation of the supply curve.4. Interpret the consumer and producer behavior in different economic settings.