Microeconomics is applied to all individuals in all spheres
of business: (a) Consumer - the buyer and user of end
products, (b) Producer - the one who makes / sells the
product and (c) Government - the one who intervenes in
the market place.
This module aims to explain an individual’s choice under
scarcity and its implications on the behaviour of prices and
quantities in individual markets. It describes how individual
persons, markets and institutions make their choices given
finite resources and the impact they have on one another,
shedding light on the interlocking relationships among
various entities in the market place. The module enables
students to apply basic micro-economic concepts to explain
everyday phenomena in the market place. Topics covered
include price and quantity determination, how firms make
strategic choices and government intervention in the
market place during market failure.
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