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Principles of Microeconomics

Course Description: This course addresses the fundamental principles related to microeconomic concepts. It focuses on clarifying the nature of economics, its methodology, and analytical tools. It also explains the concept of the economic problem and its causes. Furthermore, the course includes a study of the basics of supply and demand, market equilibrium, and the concept of elasticity. The course also discusses consumer and producer behavior analysis, and the behavior of production units through the analysis of production and production cost relationships. In addition to this, it discusses firm supply under different market structures such as perfect competition, natural monopoly, oligopoly, and monopolistic competition.
Credit hours: 3
Objectives of the course :

This course aims to introduce students to the basic concepts and principles of microeconomics, the nature and essence of microeconomics, opportunity cost, the economic problem, and how to address it. The course also aims to analyze and explain supply and demand, and determine equilibrium positions in the case of subsidies, taxes, and price changes. Additionally, it aims to explain and analyze consumer behavior and the behavior of economic units in various market structures. The course also aims to enable students to use laws in calculating production costs, and to apply the law of diminishing returns and the theory of short-run production.

Course outputs :

1.1 Knows the basic concepts and principles of microeconomics, the nature and essence of microeconomics, opportunity cost, and the economic problem and how to address it.
1.2 Analyzes and explains supply and demand, and the determination of equilibrium positions under conditions of subsidies and taxes, and price changes, consumer behavior, and the behavior of economic units in various markets.
1.3 Applies laws in calculating production costs, the law of diminishing returns, and short-term production theory. It also applies microeconomic theory laws and rules in various markets and achieving market equilibrium conditions.

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  • Last updated: 2026-04-22

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