ECON101: Principles of Microeconomics

Upon successful completion of this unit, you will be able to:

• explain the economic way of thinking;
  
• identify how individual economic agents make rational choices given scarce resources, and explain how to optimize the use of resources at hand;
  
• apply the concept of marginal analysis in order to make optimal choices, and identify whether the choices are efficient or equitable; and
  
• apply basic economic models related to production, trade, and the circular flow of resources.