Rationale
This subject introduces the key concepts in Microeconomics. It enables students to understand and explain economic events and their effects on goods, prices, firms and the nation. Students will have a firmer grasp of the concept of economic choice and what impact rational economic decisions have on the individual, firm, industry and national levels. It will allow them a basic set of economic concepts that they can use to analyze and discussions observed economic events.
Learning Outcomes:
- Upon successful completion, learners should be able to:
- (a)
discuss economic issues methodically and accurately;
(b) explain how consumers and firms reach decisions in light of limitless wants but resource limits;
(c) analyze and examine market demand, supply and equilibrium for goods and services;
(d) determine price elasticity of goods and explain its relevance in economic terms;
(e) relate theories of utility and profit maximization to firm and individual decision making;
(g) differentiate characteristics and functions of the various market structures and evaluate its economic relevance.
