A study on how the market operates is the basis of microeconomics theory and understanding how market operation is important to understand how our economic system is functioning. While forming a coherent view of the economic reality, microeconomics provides techniques that may increase the role in developing public policy and individual decision-making. Other than the fundamental topics in understanding the operation systems of the Malaysian economy and its relationship with the development of public policy, other topics that will also be discussed are the elasticity of demand, system of economy, theory and cost of production, and advantages and disadvantages of a different market structure.
Skill Level: Beginner