This course is a rigorous introduction to the microeconomic theory of markets: why we have them, how they work, what they accomplish. We will explore what outcomes they generate when they work well and what happens when they do not. We will learn why governments are important and when regulation and intervention is necessary. Examples are taken from everyday life, from goods and services that we all purchase and use. We will apply the theory to current events and policy debates through weekly exercises. These will empower you to be an educated, critical thinker who can understand, analyze and evaluate market outcomes.