Description
Course outline for KNEC economic notes for diploma coures
1: Introduction
- Meaning of economics
- Scarcity and choice
- The concept of opportunity cost
- Scope of economics
- Economic methodology
- Distinction between microeconomics and macroeconomics
Topic 2: The price theory
- Theory of demand Theory of supply
- The concept of equilibrium
- Application of price theory
Topic 3: Theory of the consumer
- The cardinal utility theory
- The ordinal/indifference curve theory Substitution and income effects Revealed preference hypothesis
- The consumer surplus
- Derivation of a household’s demand curve
Topic 4: Theory of the firm
- Theory of production
- Theory of costs
Topic 5: Market structures
- Perfect/pure competition
- Monopoly
- Monopolistic competition
- Oligopoly
