Principles of Economics

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Course description

This unit is intended to equip you with knowledge, skills and attitudes that will enable you apply the fundamental principles of economics in decision making.

Course Objectives

A trainee who takes this unit should be able to:

  1. Apply foundational economic concepts to manage limited resources.
  2. Determine the pricing of commodities using the forces of demand and supply.
  3. Apply the theory of consumer behavior in determining consumer satisfaction.
  4. Apply the theory of production to determine appropriate mix of factors of production.
  5. Apply the theory of costs to determine the cost of production.
  6. Use mathematical approach to determine profit maximization in various market structures.
  7. Evaluate the impact of macro economic factors on an organization.