AGEC 112 — Introduction to Economics
Agriculture · University of Ghana
The objective of the course is to provide beginning students with the basic economic tools that will enable them appreciate the economic systems of the world and how an economy works. Microeconomics: What is Economics? Scarcity and Choice, Economic Systems of the World, Micro and Macro Economics, Positive and Normative economics, Economics and Agricultural Economics, Techniques of Economics Analysis: Inductive and deductive reasoning, Scientific method of enquiry, theory and hypothesis, use of graphs, Analysis of consumer behavior: Consumer choice, concept of utility, indifference curves, budget lines, consumer equilibrium, Demand Analysis: Demand Schedule, Demand curve, Demand function, change in quantity demanded versus change in demand, Factors affecting the demand of a commodity, Supply Analysis: Supply Schedule, Supply curve, Supply function, change in quantity supplied versus change in supply, Factors affecting the supply of a commodity, Elasticity of Demand and Supply: Concept of elasticity, price elasticity of demand and supply, income elasticity, cross price elasticity, Markets: types of markets, characteristics of markets, equilibrium of competitive markets, Theory of the firm (production economics): concept of short-run and long-run, fixed and variable inputs. Concept of cost, fixed and variable costs. Macroeconomics: Nominal and real values in economics: Consumer Price Index (CPI), GDP deflator, purchasing power, National Income Determination: Gross Domestic Product (GDP), Gross National Product (GNP), consumption function, savings function, the multiplier measurement problems, Inflation: Level of Inflation, rate of inflation, effects of inflation, Unemployment: rate of unemployment, labour force.
- Credits
- 2
- Level
- Level 100
- Semester
- Semester Two
Other courses on this programme
- AGEN 101 — Agriculture Engineering I
- AGEX 102 — Development Communication and Extension Methods
- AGEX 104 — Education and Training for Development Works
- AGRC 101 — General Chemistry I
- AGRC 102 — General Chemistry II
- AGRC 104 — Introduction to Computer Science
- AGRC 108 — General Physics
- ANIM 111 — Biology of Farm Animals
- CROP 111 — Introduction to Agricultural Botany
- MATH 101 — General Mathematics
- SOIL 101 — Introduction to Soil and the Environment
- AGEC 211 — Microeconomics (Principles and Applications to Households and Firms)
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Start freeCourse details from University of Ghana Volume 3 Handbook for the Bachelor's Degree: Course Descriptions for Programmes in the Sciences (2017).