Degrees

1. The student will be expected to demonstrate an understanding of the concepts of scarcity and the economic problem.
2. The student will demonstrate an understanding of the law of demand.
3. The student will demonstrate an understanding of the law of supply.
4. The student will examine the forces of supply and demand and their part in determining price and quantity available in the marketplace.
5. The student will explore the topic of elasticity of supply and demand and develop an understanding of the differences in inelastic and elastic demand and supply schedules.
6. The student will know the definitions of fixed cost, variable cost, average cost and marginal cost and understand the importance of costs of production.
7. The student will develop an understanding of ‘perfect competition’ and apply the concept to   the current economy.
8. The student will develop an understanding of ‘monopoly’ and apply the concept to the current economy.
9. The student will develop an understanding of ‘oligopoly’ and ‘monopolistic competition’ and apply the concepts to the current economy.
10. The student will develop an understanding of the determination of wages, rents, interest and profits.
11. The student will explore the concept of ‘comparative advantage’ and its importance to world trade.