Principles of Microeconomics introduces students to the study of how individuals, households, and firms make decisions in the presence of scarcity. The course examines how prices are determined in markets through the interaction of supply and demand and how these prices influence production, consumption, and resource allocation. Key topics include consumer behavior, production and costs, market structures, elasticity, government intervention, and market efficiency. Students will also explore real-world applications of microeconomic theory to better understand everyday economic choices.