ECO1011F - Microeconomics
18 credits at NQF level 5
The course is open to first-year EDU students who meet the criteria for admission to ECO1010F.
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 with the 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.