ECO1010F - Microeconomics
18 credits at NQF level 5
Admission to degree. National Senior Certificate: a pass (5) in Mathematics. Co-requisites: There is no co-requisite, but students are strongly advised to do a formal mathematics course (MAM1010 or equivalent). Not having done such a course will preclude entry to second year Economics.
In any developed economy scarce resources have to be mobilised and used to meet the public’s needs. This course focuses on the processes involved, particularly those common to modern western economies. It begins the with market mechanism and price formation. The background to demand (cardinal and ordinal utility) follow. The neo-classical theory of supply is then introduced, leading from production function analysis to the derivation of supply under perfect competition. Other market forms follow, and the course concludes with sections on factor pricing and international trade.