ECO1101 Introductory Microeconomics

The course intends to introduce learners to theories and principles of Microeconomics. It presents in a systematic way, some of the basic analytical techniques of economics. It also aims at giving learners a firm foundation for the understanding of microeconomics. 

Course Objectives
On successful completion of this course unit, the learners should be able to: 

• Define and explain key economic terms including scarcity, choice, opportunity cost, market, functions, equilibrium and the like.
• Explain and illustrate the theory of demand and supply
• Discuss the theory of consumer behaviour 
• Establish types of variables involved in production. 
• Tabulate different costs of production

Expected Learning Outcomes 

• The major objective of this course is to introduce learners to the fundamental principles of microeconomic theory. Secondary, to enable learners relate economic theory to the reality in the world they live in. Thirdly, to expose the learners to the basic understanding of the operation of the economic system and to explain the roles of demand and supply in determining prices. Fourth, to help learners to suggest solutions to the economic problems in the real world today.
• To discuss the basic competences in the concepts and fundamental principles of microeconomic theory.
• To enable learners, appreciate the relation of economic theory to the reality in the world that they live in
• To expose learners to the basic understanding of the operation of the economics system in explaining the roles of demand and supply in determining prices.
• To guide learners in establishing suggested solutions to the economic problems in the real world today.