Economics

This subject introduces fundamental economic principles and analytical tools used to understand market behavior and production decisions. It begins with the basic tools of economic analysis, covering graphs, tables, and mathematical models used to interpret economic data. Students will then explore the concept of demand and supply, focusing on how prices and quantities are determined in the market. This leads to the study of elasticity of demand and supply, examining how responsive consumers and producers are to changes in price, income, and other factors.

The course continues with an in-depth look at the Production Possibility Curve (PPC), illustrating resource allocation, opportunity cost, and economic efficiency. Students will then study cost concepts, including fixed, variable, total, and marginal costs, followed by revenue concepts, which focus on total, average, and marginal revenue in different market structures. This course equips students with a strong foundation in microeconomic principles, helping them understand real-world economic decision-making.