Economics is the science of allocating scarce resources among competing social wants. Microeconomics describes how individuals and firms make informed
tradeoffs between scarce alternatives in order to improve their well being. Macroeconomics, on the other hand, is the study of the economy as a whole in an
attempt to explain aggregate trends. This intermediate course emphasises on understanding the main economic models thoroughly so that they may be applied to
analyse real-world policymaking. While a mathematical approach is encouraged throughout, the main concepts are also illustrated graphically. Furthermore,
emphasis is placed on the intuition be- hind the concepts to enable more profound understanding.