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Detail Content
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This course deals with a study of Basic Economic Concepts including; Microeconomics Vs Macroeconomics, Factors of Production, Needs and Wants, What, How and for whom to produce, the concept of Opportunity Cost, Production Possibility Theory, Market Economic System, The Command Economic System, The Mixed Economy, Gross National Product: Nominal Vs Real GNP, Aggregate Price Level, Employment, Budget Deficit, Current Account Deficit, Exchange Rate, Foreign Exchange Reserves, Demand, Supply and Equilibrium
Apart from basic economic concepts, some other areas are also covered in the subject. These topics include; Demand and Supply, Price Determination, Price and Income Elasticity. In terms of Market Structures students are exposed to concepts of Perfect Competition, Monopoly, Oligopoly, Price and Output Determination in different markets etc.
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