Economics Chapter
5 Macroeconomics
Concerns
Which of the following is NOT a topic studied in Macroeconomics?
A) gross domestic product
B) the unemployment rate
C) the price of IBM computers
D) the inflation rate - ANSWER C
Which of the following is a topic studied in Macroeconomics?
...
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
4.0 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 Demonstrate an understanding of emerging economic
issues.
CONTENT
4.1 Microeconomics
4.1.1 Introduction to economics -
Definition of economics
- Micro and macro economics
- The methodology of economics and its basic concepts
- Economic descriptions and analysis
- Scarcity, choice, opportunity cost and production possibility frontiers and curves -
Economic systems: free economy, planned economy and mixed economy
- Specialisation and exchange
4.1.2 Demand, supply and determination of equilibrium
4.1.2.1 Demand analysis
- Definition
- Individual demand versus market demand
- Factors influencing demand
- Exceptional demand curves
- Types of demand
- Movement along and shifts of demand curves
- Elasticity of demand
Page 2
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