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For College Students

Session Summary - Microeconomics

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This session provided you with a brief context and gave you an overview of economics.

  • You learnt that economics is all about the efficient allocation of scarce resources to satisfy human wants:
    • Scarce resources are limited in supply
    • Scarce resources are used to produce goods and services
  • Economics can be better understood through economic models, which can be analysed to gather insights. Economic models can be: 
    • Simple, with few factors 
    • Complex, with many factors 

Economics and economic models assume the following:

  • Behavioural assumption: Human beings make rational and utility maximising decisions
  • Institutional assumptions: A functioning government allows healthy economic activity
  • Ceteris paribus: All other conditions (apart from the one being analysed) remain constant or unchanged
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The next session will introduce you to the concepts of demand, supply and market equilibrium.