Simon Fraser University - ECON 103: Principles of Microeconomics

ECON103 - Principles of Microeconomics at Simon Fraser University (SFU) is a comprehensive course worth 4 credits that delves into the core concepts of microeconomic theory. Throughout the course, you will explore fundamental topics that help you understand how individuals and firms make economic decisions in various market structures.

✔ (Summary) What You Will Learn:

• Consumer Choices: Discover how individuals make decisions based on their preferences and the satisfaction they derive from consuming goods and services. The concept of utility will be explored, shedding light on how consumers allocate their resources to maximize satisfaction.
• Market Forces: Understand the role of prices in a market economy and how they allocate resources efficiently. Additionally, you'll study the costs incurred by firms in producing goods and services, including fixed and variable costs, and how these costs influence their production decisions.
• Factors of Production: Analyze the factors of production, such as labor, capital, and natural resources, and learn how they combine to create goods and services. You'll also delve into factor markets, determining the prices of these factors and their allocation in the economy.
• Productivity and Economic Growth: Study productivity as a measure of efficiency in transforming inputs into outputs. Discover the factors influencing productivity, like technology, human capital, and management practices, and how productivity growth contributes to overall economic growth.
• Labor Markets: Explore the organization of labor markets, including the role of trade unions, collective bargaining, and labor market policies. Understand the factors influencing wages, employment, and working conditions.
• Market Structures: Analyze different market structures such as perfect competition, monopoly, monopolistic competition, and oligopoly. Understand the behavior of firms in these markets, the role of market power, and the implications for economic efficiency and welfare.
• Firm Decision-making: Focus on the behavior of firms in various market structures, including their objectives, production decisions, and pricing strategies. You'll learn about the factors influencing these decisions and their implications for market outcomes and economic efficiency.

By the conclusion of the course, you will have a robust understanding of the foundational principles of microeconomics. You'll be equipped to apply this knowledge to analyze real-world economic issues and make well-informed decisions that consider the intricacies of market forces and economic behavior.