A central element of the “economic problem” is scarcity. In a market economy, prices play a crucial role in addressing this problem. This course examines how the system of prices work. This is an introductory course in microeconomic theory and applications. We will explore the basic ideas in the course verbally and through written expositions, and we will use graphs and mathematical formulations to express the key concepts in formal terms. For this, a grasp of high-school algebra and geometry is required, and some knowledge of calculus may be advantageous. No prior knowledge of economics is necessary to take this course.