Economics as a Science

Topics:

a. Basic Concepts: Wants, Scarcity, choice, scale of preference, opportunity cost, Rationality, production, distribution, consumption.
bi. Economic problems of: What, how and for whom to produce and efficiency of resource use.
bii. Application of PPF to solution of economic problems.

Objectives:

(i) compare various concepts in economics and their applications;
(ii) interpret graphs/schedules in relation to the concepts;
(iii) identify economic problems;
(iv) proffer solutions to economic problems