Module Description

Microeconomics is the study of parts of the economy like individuals, firms and industries. Students will examine problems that arise within these sectors of economy and how these problems can be solved.

Module Aims

This module aims at equipping students with the concept of demand and supply, decision making process regarding the optimal level of output and helping them with an economic way of thinking.

Module Learning Outcomes

After completion of the module students are expected to:

1. Apply graphical analysis on economic issues.
2. Explain how equilibrium price is determined in a free market through the interaction of supply and demand.
3. Apply concepts of demand and supply analysis relevant to the business environment.
4. Analyze market examples and applications to simulate realistic business experience.
5. Discuss the dynamics of income distribution and resource allocation.
6. Explain the importance of the regulatory role of the government.