LECTURER               L. RUGUBE
                                  Room DF40B
                                  Department of Agricultural Economics and Extension

LECTURE SCHEDULE      Monday            09.00 - 10.00
                                            Tuesday           12.00 - 13.00
                                            Thursday          11.00 - 12.00
                                            Friday              10.00 - 11.00

TUTORIAL                        Tuesday            14.00 - 17.00

OFFICF HOURS              Mon/Wed          14.00 - 16.00
 

COURSE OBJECTIVE
This course is an Introduction to Economics. It will provide you with an   overview of economic theory and with examples of how that theory is applied to solve current economic issues and real world policy problems.

Introductory Economics Courses are traditionally divided into two main parts: Micro Economics and Macro Economics. This course deals with the  micro economics part which deals with individual (units) in the economy. Individual units are consumers, workers, firms, business persons, investors and the like.

Micro economics studies explains the behaviors of individual units with respect to prices and quantities. What quantity would they buy (or sell) of a commodity if its price were as such and such, and why? What price would they set for their products and why? Would they set it at a given level? How do the conditions in the market affect this behavior?

Micro economics also studies how the behavior of the individual units affects the operation and the outcomes of markets for goods services, assets, etc. and how conditions in one market may influence the situation in another market.

GOALS FOR THE COURSE
Economics 121 is a first university level course in the discipline. For  most students it is a new subject. In meeting the needs of these students the course has several goals:

1.  To introduce students to the analytical approach, the methodology of analysis

2.  To introduce the basic economic theory and tools of economic analysis

3.  To provide a basis for understanding of current economic issues
     and prbblems; and

4.  To help students develop an ability to analyze and identify solutions to economic issues and problems.

COURSE DELIVERY: FORMAT AND OUTLINE OF TOPICS

The course delivery will be mainly through the instructors lecturers. Occasionally there will be handouts on current issues with students  asked to read them for discussions in next class.

Lecturers will follow topics presented below:

Semester II Course Outline: Approximate lecture schedule

WEEK           TOPIC

1                  Introduction to the Course
                   Course Objectives
                   Economics defined: the need to economize in the use of scarce resources
                   Methodology: Economic Analysis, Economic process, Economic issues and controversies
                   Overview of market - oriented economics .

2-3              Analysis of markets, demand, supply, elasticity, market resource, allocation application,

4-5              Household consumption behavior (consumer demand theory) Utility, Consumers'
                   Surplus Applications of Demand Theory

6-7              Theory of the Firm, Role and Goals, Production and Cost, Short and Long Run,
                   Technological Change and innovation, Competitive Markets, Perfect Competition

8-9              Monopoly, Imperfect Competition, Oligopoly, Competition and Public Policy Issues,
                   International  Competitiveness and Globalization, Foreign Investment in Zimbabwe

10-11          International Trade, Gains from Trade and Specialization. Protection versus Free Trade,
                  Exchange Rates and the Balance of Payments. International Finance

12-13         Distribution of Wealth and Income. Factor Pricing in Factor Markets, Labor Markets
                 Issues, Economic Rent, Role of Government Intervention (social and environmental
                 regulation)

               REVISION WEEK

               EXAMINATIONS ARE GIVEN AS PER GENERAL UZ CALENDAR

 TEXT BOOKS AND REFERENCES
 Berkeley Hill, "An Introduction to Economics for Students of   Agriculture".

Supplementary Texts
Blonkvist, Wonnacott and Wonnacott. "An Introduction to Microeconomics.”

Michael Rarkin and Robin Bade. "Microeconomics".

*Other readings will be assigned as required.

Student Participation

I encourage all of you to participate during lectures by asking questions as they arise and also the beginning of the lecture, should there be questions from reading the material or on current issues.  Please do ask questions even if you think you are the only one who does not understand the point. I am willing to bet from experience that you are not alone. So get the question out there for everyone's benefit.