The goal of the course is to familiarize the student with the basic concepts and methods of microeconomics – the study of how consumers and producers make their decisions and interact in markets, under conditions of perfect and imperfect competition. - to enable the student to apply these concepts and methods to policy issues. Policy issues such as whether, when and how markets may fail and whether government intervention may be needed to correct those failures. - to lay the groundwork for future study: in the next term, for the study of macroeconomic issues such as unemployment, inflation and long-run economic growth; and more generally for such courses as managerial accounting and management decision-making, as well as economics courses in finance, labor, international economics and managerial economics, which require mastery of basic microeconomic concepts.