Course Description:
The purpose of this course is to introduce students with the basic principles of microeconomic theory and their applications in decision-making for the economy, household, and firm thereby laying a foundation for more advanced diversified courses in economics and business. The content of the course includes: scope of economics and nature of economic systems; scarcity and choice; demand, supply and determination of market price; equilibrium analysis; price elasticity of demand; elastic and inelastic demand; utility theory and consumer equilibrium; theory of the firm, theory of production, costs and supply of commodities; markets and market structures; perfect competition, monopoly, duopoly, monopsony, general equilibrium analysis, market failure, and government regulations.
Prerequisite: should have completed 1st year 32 credits.
Purpose:
The main purpose of this course is to enable the learner understand and appreciate the importance of the various economics activities. This will enable thee learner actively play a practical role in economic activities in the society. Generally, this course intends to introduce students with the basic principles of microeconomic theory and their applications in decision-making for the economy, household, and firm thereby laying a foundation for more advanced diversified courses in economics and business.
Course Objectives:
By the end of the course unit the learner should be able to: -
- Define and understand terminologies and meaning of key concepts used in economics
- Appreciate the relevance and importance of economics as a discipline
- Relate knowledge of Economic to other discipline involved in economic growth and development of a country
- Explore how they can contribute to the development of society
- Teacher: Richard Omondi Otieno