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CS21: ECONOMICS

Description

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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 analyze economic relationships and interpret the results

Apply the knowledge of economics in decision making

Analyze 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

Weekly Course Recap Zoom Session

 

What Will I Learn?

  • (a) Provide the candidate with knowledge and skills in organizational behavior management and the legal environment in which businesses operate.
  • (b) Enable the candidate to apply the principles of public finance and taxation in practice.
  • (c) To provide a basis for further progression to CS Part II.

Topics for this course

129 Lessons

MICROECONOMICS

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

MACROECONOMICS

EMERGING ISSUES AND TRENDS

About the instructor

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.

4.67 (6 ratings)

144 Courses

1409 students

KSh1,000.00

Material Includes

  • Handouts
  • Video Clips
  • Case Studies
  • Zoom Sessions

Requirements

  • Kenya Certificate of Secondary Education (KCSE) examination with an
  • aggregate average of at least grade C plus (C+).
  • kasneb technician, diploma, or professional examination certificate.
  • A degree from a recognized university.
  • Such other certificates or diplomas as may be approved by kasneb.

Target Audience

  • CS Section 2 Students
  • CPA Section 2 Students
  • CIFA Section 2 Students
  • CICT Section 2 Students
  • CCP Section 2 Students
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