
In this chapter you will be introduced to the subject matter of economics and the rationale that motivates us to study economics.
This course will answer those questions and introduce you to the nature of economics, demand and supply theories, theories of consumer, production, cost, market structure and fundamental concepts of
economics at large.
Chapter objectives
After successful completion of this chapter, you will be able to:
- understand the concept and nature of economics;
- analyze how resources are efficiently used in producing output;
- identify the different methods of economic analysis ;
- distinguish and appreciate the different economic systems;
- understand the basic economic problems and how they can be solved; and
- identify the different decision making units and how they interact with each other
- Teacher: Esau Mongare
