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Session plan - First Session 1 hr 15 minutes Slide 1...

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First Session- 1 hr 15 minutes Slide 1: Introduction to the teacher Rules of the game (examination, class rules, office hours etc) Slide 2: What is Microeconomics Economic agents (consumer, firm etc) How it differs from Macroeconomics (which we will study in the next semester) Slide 3: What we study under Microeconomics? -Theory of choice; Demand analysis -Theory of production; Supply analysis -Market equilibrium -Different forms of competition -Market failure -Economics of information Slide 4: Some important notions under Microeconomics Positive vs. Normative analysis Firm vis-à-vis market Real vs. nominal prices Slide 5: Important elements of Economics: Opportunity cost Scarcity Slide 6: A brief history of economic thoughts Some theories developed throughout the history are now mainstream Economics what we call Neo-classical economics (or marginalists’ view of economics). Some thoughts remained in the periphery and some are now considered alternative Economic theories (e.g. Marxist economics).
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