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MICROECONOMICS
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Economics is a social science; it analyzes human interactions in a scientific manner. We begin
by defining the central aspects of this social science – trading, the marketplace, opportunity cost
and resources. We explore how producers and consumers interact in society. Trade is central to
improving the living standards of individuals. This material forms the subject matter of Chapter 1.
Methods of analysis are central to any science. Consequently we explore how data can be displayed
and analyzed in order to better understand the economy around us in Chapter 2. Understanding the
world is facilitated by the development of theories and models and then testing such theories with
the use of data-driven models.
Trade is critical to individual well-being, whether domestically or internationally. To understand
this trading process we analyze the behaviour of suppliers and buyers in the marketplace. Markets
are formed by suppliers and demanders coming together for the purpose of trading. Thus, demand
and supply are examined in Chapter 3 in tabular, graphical and mathematical form.
NONE
MICROECONOMICS
Management
English
2013
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