The study of economics is concerned with the allocation of scarce resources and the associated implications for efficiency, equity, and human welfare. This course introduces the field of microeconomics, focusing specifically on the role of markets in facilitating exchange between different groups of the economy such as workers, consumers, firms, and government institutions. Topics addressed include consumer theory, the cost structures and behavior of firms in various industries, competition, monopoly, and government regulation. The course applies theoretical concepts to contemporary policy questions, such as when government intervention is justified to correct market imperfections.