Course Objectives

By the end of this course/unit, learners will be able to:

1. Understand and define the concepts of demand and supply in economics.

2. Explain the determinants of demand and supply affecting market behaviour.

3. Interpret the Law of Demand and Law of Supply with the help of schedules and diagrams.

4. Prepare and analyse demand and supply schedules.

5. Draw and interpret demand and supply curves on a graph.

6. Examine the inverse price–demand relationship and direct price–supply relationship through real-life examples.

7. Compare and differentiate between extension & contraction and increase & decrease in demand and supply.

8. Apply the concepts of demand and supply in real market situations such as price changes, consumer behaviour, and producer decisions

9. Utilize ICT tools (graphing software, spreadsheets, simulations) to represent demand and supply data visually.

10. Demonstrate critical thinking while analysing how changes in price and non-price factors influence market equilibrium.