The study of economics begins with understanding of human “wants”. Scarcity forces us to economise. We weigh up the various alternatives and select that particular assortment of goods which yields the highest return from our limited resources. Modern economists use this idea to define the scope of their studies.

The study of economics begins with understanding of human wants. Scarcity forces us to economize. We weigh up the various alternatives and select that particular assortment of goods which yields the highest return from our limited resources. Modern economists use this idea to define the scope of their studies.

This course provides the student with an introduction to the basic elements of modern microeconomics. The course provides coverage of the institutional background and the history of significant microeconomic ideas and issues in Kenya and around the world. It will develop an understanding of how microeconomics relates to practical life. Students are expected to apply the knowledge in other economics units. The study employs extensive use of diagrams and mathematical expressions in the illustration of concepts.

This course provides the student with an introduction to the basic elements of modern microeconomics. The course provides coverage of the institutional background and the history of significant microeconomic ideas and issues in Kenya and around the world. It will develop an understanding of how microeconomics relates to practical life. Students are expected to apply the knowledge in other economics units. The study employs extensive use of diagrams and mathematical expressions in the illustration of concepts.

This course provides the student with an introduction to the basic elements of modern microeconomics. The course provides coverage of the institutional background and the history of significant microeconomic ideas and issues in Kenya and around the world. It will develop an understanding of how microeconomics relates to practical life. Students are expected to apply the knowledge in other economics units. The study employs extensive use of diagrams and mathematical expressions in the illustration of concepts.

Planning may be defined as a means to an end. The end being the realization of certain predetermined and well defined aims and goals laid down by a central planning authority. The end is to achieve economic, social, political and other objectives.