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CP21: ECONOMICS

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GENERAL OBJECTIVE

This paper is intended to equip the candidate with knowledge, skills and attitudes that will enable him/her to apply the fundamental principles of economics in decision making.

LEARNING OUTCOMES

A candidate who passes this paper should be able to:

Apply basic mathematical and graphical techniques to analyse economic relationships and interpret the results

Apply the knowledge of economics in decision making

Analyse economic problems and suggest possible policy related recommendations

Apply knowledge of economics in international trade and finance

Apply economic principles in the development and implementation of policies in agriculture and industry

 

Topics for this course

129 Lessons

MICROECONOMICS

Lesson 1. INTRODUCTION TO ECONOMICS
Definition of economics Copy
Basic economic concepts: economic resources, human wants, scarcity and choice, opportunity cost, production possibility curves/frontiers Copy
Scope of economics: Micro and macro economics Copy
Methodology of economics: positive and normative economics, scientific methods, economics as a social science Copy
Economic systems: free market economy, mixed economy, consumers’ sovereignty Copy
Topic 2: DEMAND, SUPPLY AND DETERMINATION OF EQUILLIBRIUM
DEMAND ANALYSIS Copy Copy
Definition Copy Copy
Individual demand versus market demand Copy Copy
Factors influencing demand Copy Copy
Types of demand Copy Copy
Movement along and shifts of demand curves Copy Copy
Elasticity of demand Copy Copy
Types of elasticity: price, income and cross elasticity Copy Copy
Measurement of elasticity; point and arc elasticity Copy Copy
Factors influencing elasticity of demand Copy Copy
Application of elasticity of demand in management and economic policy decision making Copy Copy
SUPPLY ANALYSIS Copy Copy
Definition Copy Copy
Individual versus market supply Copy Copy
Factors influencing supply Copy Copy
Movements along and shifts of supply curves Copy Copy
Definition of elasticity of supply Copy Copy
Price elasticity of supply Copy Copy
Factors influencing elasticity of supply Copy Copy
Application of elasticity of supply in management and economic policy decision making Copy Copy
DETERMINATION OF EQUILIBRIUM Copy Copy
Interaction of supply and demand, equilibrium price and quantity Copy Copy
Mathematical approach to equilibrium analysis Copy Copy
Stable versus unstable equilibrium Copy Copy
Effects of shifts in demand and supply on market equilibrium Copy Copy
Price controls Copy Copy
Reasons for price fluctuations in agriculture Copy Copy
Consumer surplus /Marshallian surplus Copy Copy
Lesson 3. THE THEORY OF CONSUMER BEHAVIOUR
Approaches to the theory of the consumer – cardinal versus ordinal approach Copy Copy
Utility analysis, marginal utility (MU), law of diminishing marginal utility (DMU) Copy Copy
Limitations of cardinal approach Copy Copy
Indifference curve analysis; Indifference curve and budget line Copy Copy
Consumer equilibrium; effects of changes in prices and incomes on consumer equilibrium Copy Copy
Derivation of a demand curve Copy Copy
Applications of indifference curve analysis: substitution effect and income effect for a normal good, inferior good and a giffen good; derivation of the Engels curve Copy Copy
Lesson 4: THE THEORY OF A FIRM
THE THEORY OF PRODUCTION Copy Copy
Factors of production Copy Copy
Mobility of factors of production Copy Copy
Short run analysis Copy Copy
Total product, average and marginal products Copy Copy
Stages in production and the law of variable proportions/the law of diminishing returns Copy Copy
Long run analysis Copy Copy
Isoquant and isocost lines Copy Copy
The concept of producer equilibrium and firm’s expansion curve Copy Copy
Law of returns to scale Copy Copy
Demand and supply of factors of production Copy Copy
Wage determination theories Copy Copy
Trade unions: functions and challenges Copy Copy
Producer surplus/economic rent/Marshallian surplus Copy Copy
THE THEORY OF COSTS Copy Copy
Short run costs analysis and size of the firm’s total cost, fixed cost, average cost, variable costs and marginal cost Copy Copy
Long run costs analysis Copy Copy
Optimal size of a firm Copy Copy
Economies and diseconomies of scale Copy Copy
Lesson 5: MARKET STRUCTURES
Definition of a market Copy Copy
Necessary and sufficient conditions for profit maximisation Copy Copy
Mathematical approach to profit maximisation Copy Copy
Output, prices and efficiency of: perfect competition, monopoly, monopolistic competition, oligopolistic competition Copy Copy

MACROECONOMICS

About the instructors

GlobopointConsultantsLtd

e-Learning Training and Consultation

 

Globopoint Consultants Limited is a fully registered Research, Training, and Consultancy firm based in Mombasa Kenya serving the entire East African region and beyond. The company is geared towards building professionals, entrepreneurs, growing businesses, and fostering sustainable economic development.

Globopoint Learning center is a fully accredited institution run by Globopoint Consultants Limited to specifically nurture modern-day professionals in the business field in an easy, practical, and convenient way.

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