Economics studies the way individuals and groups make choices, how those choices are affected by incentives, and whether the resulting social arrangements can be improved by government intervention. Economics divides itself into two halves: micro and macro. Microeconomics focuses on smaller chunks of reality than macroeconomics. It focuses on individuals, firms, and products and seeks to understand (among other things) how prices and wages are determined, the effects of taxation, price ceilings (or price floors) and quotas. Key concepts provide a tool kit to analyze individual and group behaviour and the effects of the public policy. Students with credit in ECON 1014 or ECON 1073 may not take this course for credit.