EC101: Introductory Microeconomics

Microeconomics seeks to make sense of the behaviour of individuals, households and firms. It aims to answer questions such as: if incomes rise, how will individuals spend their surplus income, and on what? If the price of goods change, how will household spending habits shift? If the price of oil increases, how will firms react and what impact will this have on the price of goods and services?

This course seeks to introduce microeconomic analysis as a way of understanding the world. You will be exposed to important topics like consumer choice theory, the theory of production and costs, the economics of time, and the impact of market failure and government intervention. You will be exposed to standard microeconomic theory to develop your economic intuition, whilst also gaining economic tools that support this intuition along the way.

This highly interactive course allows you to practice the theories you learn through active class discussion, class-based exercises, and feedback from faculty and peers. By the end of the course, you will understand how microeconomics is applied to real-world problems, helping you develop a microeconomic mindset when thinking about issues that are relevant for practice and policy.

Prerequisites: A working knowledge of mathematics (including elementary calculus) is required.

Level: 100 level. Read more information on levels in our FAQs

Fees: Please see Fees and payments

Lectures: 36 hours

Classes: 18 hours

Assessment: Two written examinations

Typical credit: 3-4 credits (US) 7.5 ECTS points (EU)

Please note: Assessment is optional but may be required for credit by your home institution. Your home institution will be able to advise how you can meet their credit requirements. For more information on exams and credit, read Teaching and assessment

The course is ideal if you have not previously studied economics. It provides a strong foundation in microeconomics if you are interested in furthering your studies in this area, but is sufficiently self-contained to provide grounding in economics if you do not intend to take the subject further.

• Understand how scarcity, opportunity costs and cost/benefit analysis impact economic behaviour
• Identify the determinants of supply and demand
• Illustrate how government intervention attempts to address market failures
• Understand the impact of monopolies versus competitive equilibrium on economic outcomes

The design of this course is guided by LSE faculty, as well as industry experts, who will share their experience and in-depth knowledge with you throughout the course.