ECON 101
Introduction to Microeconomics
Spring 2025
Course Description
Calendar Description for ECON 101
This course provides an introduction to microeconomic analysis relevant for understanding the Canadian economy. The behaviour of individual consumers and producers, the determination of market prices for commodities and resources, and the role of government policy in the functioning of the market system are the main topics covered.
View requirements for ECON 101
The course comprises the theoretical essentials of microeconomics and will serve as a prerequisite for virtually every economics class that you will endeavour to take in the future. The course will cover the theory of consumer choice, the economics of production, and will consider different market structures from perfect competition through various types of imperfect competition. There is a voluminous amount of material to cover in this course. We will attempt to get as far through the topic list as our limited time will allow.
PREREQUISITES: A strong work ethic and a keen desire to learn.
Learning Outcomes
By the end of this course, students should be able to
understand the need for people to make choices and to work together towards overcoming the universal problem of scarcity;
appreciate the relevance of economics in a changing world;
develop the capacity to apply critical reasoning to economic issues;
apply elements of microeconomic theory to understand how consumers and producers make rational decisions;
describe different market structures, production, and costs;
analyze conceptual problems; and
decompose problems into their economic parts.