The course is aimed at acquainting the students with the basic microeconomic theory. Topics covered include theoretical foundations of the subject; Problems of scarce resources; allocation of resources in product and factor markets with application to Nigerian and other economies; price system; role of price mechanism and consumer sovereignty; the concept of equilibrium; possibility of disequilibrium, partial equilibrium and general equilibrium analyses are discussed; Cobweb theory; supply and demand theory; equilibrium in the market; revenue and elasticity of demand.