Microeconomics is mainly concerned with the study of individual economic units within an economy such as firms, households and industries and their inter-relationship. More specifically, the course focuses on four topics. The first part is about how markets work. The second part is about households’ choices (i.e. consumer theory). The third part concentrate on firms and markets (i.e. producer theory). The fourth part is about market failure and government. This course will also introduce a number of main macroeconomics concepts. Macro looks at those sectors as a whole; it studies general features of a market economy: national output, national income, price level, inflation, employment, aggregate demand and aggregate supply. Main theories explaining the behavior of macro indicators are exposed. The course requires familiarity with basic algebra and calculus.