Introduction to Microeconomics
Nelson Mandela University
Port Elizabeth, South Africa
Area of Study
Taught In English
Course Level Recommendations
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Host University Units12
Recommended U.S. Semester Credits0
Recommended U.S. Quarter Units1
Hours & Credits
This module will introduce students to the basic concepts of microeconomics. Topics include demand and supply, market equilibrium, elasticity, market structures and market failure.
- 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.
- What is economics?
- The economic problem.
- Demand and supply.
- Markets in action.
- Utility and demand.
- Organising production.
- Output and costs.
- Perfect competition.
- Public goods and common resources.