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Introduction to Micro-economics

Economics 1: Understanding the Nature of Economics as a subject

  • Definitions of Economics
  • Economy & its Four Agents
  • Economic Methodology
  • Major Economic Goals
  • Foundations of the Science of -Economics
  • Economic Systems
  • Divisions of Economics

Economics 2: Introduction to Product and resource Markets

  • Product Markets – buyers and sellers
  • Resource markets – buyers and sellers
  • Finished goods and services, factors of production, money and specialisation
  • Circular flow of income/expenditures in the economy
  • Circular flow of income between product & resource markets

Economics 3: Introduction to the theory of demand and Supply

  • Effective demand / supply & quantity demanded/supplied
  • Opportunity cost &consumer choice& producers actions
  • The law of demand/supply & reasons for it
  • Individual demand & supply Curves
  • Market demand & supply Curve
  • Movement along the curves & shifting of curves
  • Demand and supply curves shifters

Method of Assessment: End of unit written examination