Economic Principles

On completion of this course, students should be able to 1. Understand the fundamental concepts and principles of demand and supply; 2. Understand consumer behaviour; 3. Apply this understanding to urban land economics and the behaviour of the property market; and 4. Apply this understanding to the relationship between land economics and property value trends in later years of study.

An introduction to various issues, the nature of economic science, the methodology of economics, major areas of specialization in economics, elementary principles of micro- and macro-economics, current issues of interest and probable future developments. Micro-economic theory, problem of scarce resources and allocation of resources. Supply and demand theory, Consumer behaviour. Production theory. Cost curves. Pricing and output under perfect competition, imperfect competition, monopoly and monopolistic competition. Relationship between micro- and macro- economics. Aggregation of individual’s demands analysis of consumer behaviour utility theory and individual’s demand for a good a geometric treatment aggregate supply – a summation of firm supply curves individual firm’s equilibrium – theory of cost and production. A geometric treatment of pricing under different market systems.