Economics

What you’ll study

Introduction: definition, microeconomics vs macroeconomics, the scope of economics, the meaning of economic theory, basic concepts — product, commodity, want, utility, consumption and the factors of production. Demand: the law of demand, factors determining demand, shifts in demand, demand functions, substitution and income effects, concepts and measurement of demand elasticity. Supply: the law of supply, determinants of supply, shifts, elasticity of supply, market equilibrium. Economic theory of consumer behaviour: the principle of diminishing marginal utility, indifference curves, the budget constraint, utility maximization and consumer equilibrium. Consumer demand: the price- and income-consumption curves, the Engel curve. Production: production functions, total, average and marginal products, the law of diminishing returns, isoquants, returns to scale. Cost: short-run and long-run costs, economies and diseconomies of scale. Markets and revenue; price and output determination under perfect competition, monopoly, monopolistic competition and oligopoly.