Microeconomics

Students should:

• Demonstrate knowledge of how consumers' demand for different goods is influenced by their preferences, income and prices of the goods.
• Demonstrate knowledge of how companies' supply of goods is affected by their production technique, the prices of the inputs and the market structure that they are working under.
• Demonstrate knowledge about the implications for consumers and producers of different market structures.
• Demonstrate knowledge about the implications for consumers, producers and society of government intervention such as price regulation and taxes.

Skills

The student should be able to:

• Discuss graphic - and analytically how price changes, income and preferences affect consumers' demand for different goods and services.
• Discuss graphic- and analytically how companies' goals and their working conditions affect their supply of goods and services and demand for inputs.
• Discuss graphic - and analytically how different market structures influence companies' supply and price setting.
• Describe the welfare - and distributional effects of public instruments such as taxes and price regulation.

General competence

The student will have:

• Basic understanding of central concepts in microeconomics.
• Basic understanding of consumer and firm economic behavior under different market structures