Microeconomics

Study how households and firms make choices under scarcity. You will examine prices, incentives and market structures, then use diagrams and calculations to explain changes in behaviour. Examples include food markets, informal enterprises and access to essential services.

Learning outcomes

• Analyse a market change
• Calculate and interpret elasticity
• Compare competitive and concentrated markets

Main topics

• Scarcity and choice
• Demand and supply
• Elasticity
• Consumer choice
• Production and costs
• Market structures

Practical task

Explain a local price change using data, diagrams and alternative explanations.

Assessment

Assessment combines applied exercises, a documented case or practical portfolio and an individual written or oral explanation. Judgement considers technical accuracy, reasoning, evidence quality and the feasibility of recommendations.