Course Description:-
INTRODUCTION:
The course examines: price mechanism (demand, supply and price) and allocation of resources; comparative advantage and specialization; the theory of the firm – short run and long run cost/revenue structure and the interaction between markets.
OBJECTIVE
To ensure that students receive the skills necessary for the analysis of economic problems on the basis of economic theory.
POTENTIAL CAREER
- Public or private sector
- Financial sector
- Research/Analysis
- International trade
- Public Policy
- Business
- Banking
CONTENT
- Define Economics
- Describe the “economic way of thinking,” including definitions of rational behavior, marginal cost, marginal benefits and how these concepts may be used in decision making.
- Identify the three basic economic questions and describe how the market system answers each of these three basic questions.
- Identify and explain the factors of production
- State some important reasons for studying economics.
- Explain how economists use the scientific method to formulate economic principles.
- Differentiate between microeconomics and macroeconomics.
- Differentiate between positive and normative economics.
- Explain and give examples of some hidden fallacies.
- Define the economizing problem, incorporating the relationship between scarcity (limited resources) and unlimited wants.
- Identify types of economic resources and types of income associated with various factors.
- Examine the concepts of demand and supply in the following ways:
- State the law of demand and law of supply. State the law of demand and law of supply.
- List the major determinants of demand and supply.
- Graph demand and supply curves when given demand and supply schedules.
- Differentiate between demand and quantity demanded; and supply and quantity supplied.
- Explain the effects of price changes in demand and supply on equilibrium price and quantity.
- Explain the concept of equilibrium price and quantity and illustrate graphically equilibrium price and quantity.
- Explain the effects of a price change for one good on the demand for its substitutes or complements
- Give an example of rationing function and production-motivating function of price.
- Explain briefly how concepts of supply and demand apply to factor markets.
- Define normal profits and economic profits and explain the difference between them.
- Identify the relationship between profits and expanding industries; losses and declining industries.
- Explain the role of competition and the “invisible hand” in promoting economic efficiency.
- Define elasticity of demand
- Define and distinguish between income and substitution effects of a price change.
- Explain why a consumer will buy more (less) of a commodity when its price falls (rises) by using income and substitution effects.
- Define marginal utility and state the law of diminishing marginal utility.
- Explain why normal profit is an economic cost, but economic profit is not.
- Explain the law of diminishing return.
- Differentiate between the short and long run.
- Explain the difference between average and marginal costs.
- Compute and graph average fixed cost (AFC), average variable cost (AVC), average total cost (ATC), and marginal cost (MC).
- Explain what can cause cost curves to rise and fall.
- Explain the difference between short run and long run costs.
- Compute and graph total revenue, average revenue and marginal revenue.
- Determine the optimum output through the use of cost and revenue structure and describe the functional interrelationships among the input and output markets.
- List causes of economies and diseconomies of scale.
- Identify the four basic market structures and characteristics of each.
- Define and identify terms and concepts listed at the end of each chapter.
CONTENT MODE
PDF, moodle books
WHAT AM I ABLE TO GET OUT OF THIS COURSE
To learn the basic concepts of scarcity and choice, and their influences in the decision-making process of individual consumers, groups of consumers, and firms.
ADDITIONAL SUPPORT
Additional reading will be given to students.
Course Certificate :-
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