Objectives To identify key economic issues in real world scenarios affecting individuals, households, and firms. . To apply the appropriate economic concepts and principles to understand, explain, and interpret the decisions made and actions taken by the main economic agents. . To evaluate and reflect on the implications of changes in economic conditions on the behavior and decisions of households and firms. Required Materials Hutchinson, E. (2017). Principles of microeconomics. University of Victoria. https://pressbooks.bccampus.ca/uvicecon103/ Recently published Business/Economic journal articles from Yorkville University Library or other academically credible online source. Major Topics Covered . Supply, demand, and equilibrium market price . Elasticity . Specialization and trade . Consumer behaviour . Production in the short and long run periods . Competitive markets . Monopoly, cartels, and price discrimination . Another topic related to microeconomics Important Note Avoid topics related to macroeconomics. These topics include unemployment, inflation, trade policy, national income/GDP, income inequality, poverty, etc. Good microeconomic topics often focus on decisions of firms (production costs, market supply and demand, competition, etc.) and decisions of individual (opportunity costs, demand for products, consumer behaviour, etc