Course Description
Course Name
Introductory Microeconomics
Session: VSRS3122
Hours & Credits
20 SCQF Credits
Prerequisites & Language Level
Taught In English
- There is no language prerequisite for courses at this language level.
Overview
The economic problem of scarcity; the concept of opportunity cost; the production possibility frontier; how
prices are determined by supply and demand; the concept of market equilibrium; the causes and effects of
changes in supply and demand; the elasticities of supply and demand; government intervention in markets;
the different categories of costs; the short-run pricing and output decisions of firms in perfect competition,
monopolistic competition and monopoly; labour markets and the reasons why wage rates vary for different
types of occupation; the distribution of income; the theory of comparative advantage.
*Course content subject to change