Introduction to Microeconomics

Nelson Mandela University

Course Description

  • Course Name

    Introduction to Microeconomics

  • Host University

    Nelson Mandela University

  • Location

    Port Elizabeth, South Africa

  • Area of Study

    Economics

  • Language Level

    Taught In English

  • Course Level Recommendations

    Lower

    ISA offers course level recommendations in an effort to facilitate the determination of course levels by credential evaluators.We advice each institution to have their own credentials evaluator make the final decision regrading course levels.

    Hours & Credits

  • Host University Units

    12
  • Recommended U.S. Semester Credits
    0
  • Recommended U.S. Quarter Units
    1
  • Overview

    Syllabus

    PURPOSE
    This module will introduce students to the basic concepts of microeconomics. Topics include demand and supply, market equilibrium, elasticity, market structures and market failure.

    LEARNING OUTCOMES

    • Introduce the student to the concept of a market economy.
    • Investigate how scarce resources are allocated under a price mechanism.
    • Models of supply, demand, and market structure are employed to show how the interaction of consumers and producers results in the variety of goods available in a free enterprise economy.
    • Specific market structures are also introduced along with potential market failures.

    CORE CONTENT

    • What is economics?
    • The economic problem.
    • Demand and supply.
    • Elasticity.
    • Markets in action.
    • Utility and demand.
    • Organising production.
    • Output and costs.
    • Perfect competition.
    • Monopoly.
    • Externalities.
    • Public goods and common resources.