Economics Lecture 1

Microeconomics: The firm and focuses on price theory.

Macroeconomics: Deals mostly with aggregate variables for the country such as national income, total employment, inflation etc.

Keynes: father of economics.

3 themes of Microeconomics:

1. Market mechanism;

2. Cost of production;

3. Market structures.

Recommended Books:

1. Sloman – Economics;

2. Lipsey – Positive Economics.

Market Mechanism:

• When there is a market, there is demand for a product at a price. People are willing to pay for it.

• There is supply for a product at a price.

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