Doctoral Thesis / Dissertation from the year 2013 in the subject Economics - Micro-economics, grade: A, Atlantic International University (BUSINESS MANAGEMENT AND ECONOMICS.), course: REGIONAL DEVELOPMENT, language: English, abstract: Human beings have wants and they are naturally not self sufficient. They therefore haveto produce and exchange what they do not have with those who have what they want.Right decisions have to be made in regard to the quantities to produce and the prices tocharge by firms. This is done through the demand and supply theory. Supply anddemand in most economies face a lot of challenges. Supply challenges range fromsmall firms with structural supply rigidities to huge firms that act as monopolists andcartels that charge exploitative prices on the consumers. These challenges affect thetrading position of several economies in the international trade. Demand is rapidlyincreasing due to the rapid world increase in population. This paper will cover analysisof decisions of a firm, supply and demand of a commodity, price of a commodity andhow the small economic groups and individuals affect the mentioned variables1.1. Objectives of the study.The course will;- Introduce students to important principles of microeconomics so that they areable to take important decisions in life.- Enable students acquire principles that enable them to analyze day todayproblems.