ECON2101 Microeconomics
Module Book
MICROECONOMICS
INTRODUCTION
Content
This module introduces the participants to the problem of scarcity and to choice and decision-making by rational individuals, firms and the government in the context of this
scarcity problem. The decisions by these economic units will, in turn, impact on the allocation of scarce resources in the society. In the exposition, the participants will be introduced to ideas relating to the demand function, the supply function, the cost function, the indifference curve, utility function and other relevant economic concepts. Of particular
importance are the concepts of economic efficiency and welfare maximization.
The participants will also be exposed to a variety of market structures and to how firm(s) navigate the different market environments with a view to realizing their economic interest.
In the process, the participants will be introduced to simple matrix games and the prisoner’s dilemma problem. The impact of externalities on market efficiency and the different ways to resolve these problems will also be analyzed.
Module Aims
The aims of this module are to:
1. Provide participants with a fundamental understanding of core economic principles such as trade-off, opportunity cost, diminishing marginal returns, resource constraint,
and net benefit maximization.
2. Assist participants to appreciate the economic rationale behind individuals’ and firms’ decision-making.
3. Assist participants to appreciate the economic thinking behind public policies.
Learning Outcomes
On completion of this module, a participant will be able to:
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