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ECONOMICS S5 The paper code for the subject is P220. The subject consists of two papers i.e. Economics paper one …
ECONOMICS S5
The paper code for the subject is P220. The subject consists of two papers i.e. Economics paper one (P220/1) and Economics paper two (P220/2). ECONOMICS PAPER ONE (P220/1) This paper tests the candidates’ understanding of the basic economic principles. The questions set in this paper are open and usually demand for answers which can apply in any country. The questions usually end with the phrase “in an economy”. ECONOMICS PAPER TWO (P220/2) This paper tests the candidates’ understanding of the application of the economic principles. This paper concentrates on examining economics as it applies to Uganda in particular. When answering questions in paper 2;- Pay a lot of attention to the tense used in the question
- Do not use a speculative language i.e. avoid using words like will and shall.
Course Currilcum
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- INTRODUCTION TO ECONOMICS 1 year
- Introduction to economics centers on how human beings can make the best use of the available scarce resources to satisfy the competing ends (needs). Economics deals with the ways in which production and distribution change over time. Therefore it is the use (allocation) and organization of resources that constitute the subject matter of economics.
- HUMAN WANTS 1 year
- human wants are desires of man which are satisfied by consuming goods and services. They are biological, physical and cultural needs of an individual or society. this unit also talks about the economic systems
- PRICE THEORY UNDER PX ANALYSIS 1 year
- Price theory is a microeconomics principle that involves the analysis of demand and supply in determining an appropriate price point for a good or service.
- CLASSIFICATION OF PRICE 00:00:00
- Classification of price involves how price is categorized, determinants of each category, importance of price in the market economy and the market concept.
- THE DEMAND THEORY 1 year
- Demand theory is a principle that emphasizes the relationship between consumer demand and the price for goods and services within a market. It can also be illustrated as the demand curve, which is downwards sloping in a horizontal manner, as the price of the good decreases as quantity increases. Vice-versa, where the price of the good increases as the quantity decreases.
- THE CONCEPT OF ELASTICITY 1 year
- Elasticity refers to the degree of responsiveness of the dependent variable to a change in the independent variable. The dependent variable may be quantity demanded or quantity supplied while the independent variables are the factors which influence the above dependent variables.
- PRICE MECHANISM 1 year
INTRODUCTION TO ECONOMICS ASSIGNMENT 7, 00:00 HUMAN WANTS ASSIGNMENT 5, 00:00 ASSIGNMENT ON INTRODUCTION TO PRICE ANALYSIS 7, 00:00 CLASSIFICATION OF PRICE ASSIGNMENT 7, 00:00 DEMAND THEORY ASSIGNMENT 7, 00:00 THE CONCEPT OF ELASTICITY ASSIGNMENT 7, 00:00 PRICE MECHANISM ASSIGNMENT 7, 00:00 -
- THE CONCEPT OF MARKET STRUCTURES 06:05:00
- THE CONCEPT OF MARKET STRUCTURES: (i)MARKET: This is an arrangement that brings together buyers and sellers to transact business at a particular period of time. It is the total number of buyers and sellers involved in the exchange of a given product at a particular period of time. (ii) Market structure: This refers to the behavior of consumers and sellers in the market. It also considers the market conditions such as level of profits, price levels, the level of output, the number of firms etc.
- MONOPOLY 06:05:00
- MONOPOLY This is a market situation where there is only one producer / seller but many buyers of a commodity that has limited or no close substitutes. A simple or an imperfect monopoly is an ordinary monopoly whereby the product produced has limited close substitutes. Examples in Uganda include Uganda Electricity Distribution Company Ltd UEDC Ltd as sole distributor of hydroelectric power, Uganda Railways Corporation.
- SHORT-RUN SITUATION OF A FIRM UNDER MONOPOLY 06:05:00
- SHORT-RUN SITUATION OF A FIRM UNDER MONOPOLY A firm under monopoly aims at profit maximization and profits are maximized at a point where Marginal cost is equal to Marginal revenue (MC =MR) and this is the equilibrium position. In the short run the firm can either earn Economic/Supernormal profits or incur losses.
- THE CONCEPT OF EXCESS CAPACITY 06:05:00
- Excess capacity is a situation where a firm or an industry is producing at less than installed capacity (optimum capacity). It is characterized by underutilization of available resources by a firm or an industry in a country.
- MONOPOLISTIC COMPETITION 06:05:00
- Monopolistic competition is a market structure in which there are many buyers and firms producing differentiated products that are close but not perfect substitutes. The market structure has elements of competition and monopoly. Examples of firms operating under conditions of monopolistic competition are Bakery industry, taxi industry, Soap and det ergents industry, saloon services, tea industry, estate agents, funeral directors, insurance brokers etc.
- OLIGOPOLY 06:05:00
- OLIGOPOLY: Oligopoly is market structure in which there are a few firms either producing homogeneous products of differentiated products.
- PRODUCTION 1 year
- Production is the process of changing or transforming inputs (raw materials) into final goods and services to satisfy human wants. OR The process of creating utility in a good or service to satisfy human wants. Production aims at improving the welfare or standard of living of the people. in this unit, we are looking at the types, forms of production and land as a factor of production.
- CAPITAL 00:00:00
- Capital refers to man-made aids used in the production process for the production of other goods. Therefore capital as a man-made resource refers to the stock of goods existing at any given time used for production of other goods. I.e. all physical assets used in the production of other goods is what we call capital.
- LABOR 1 year
- Labor refers to human effort both mental and physical directed towards the production of goods and services. The reward to labor for the services rendered is wage or salary. this unit explains the labor productivity, labor force, demand for labor and labor supply
- ENTREPRENEURSHIP 1 year
- Entrepreneurship is a factor of production that involves injecting capital in an enterprise with an aim of making profits. NB An entrepreneur is a person who injects capital into an enterprise and bears all the risks and uncertainties with the aim of making profits. The reward to entrepreneurship is profit.
- NATIONAL INCOME 2 1 year
- National income has gotten a number of adjustments which we are going to discuss below. Adjusted net national income is GNI minus consumption of fixed capital and natural resources depletion
- NATIONAL INCOME 1 1 year
- National income is the total monetary value of all final goods and services produced in an economy out of the productive activities in a given period of time usually a year. In this unit, we look at the various national income concepts, concept of circular flow of income, uses of national income statistics and the equilibrium position of national income
- PRICE INDICES 06:05:00
- Price indices are the figures which measure the relative changes in the prices of goods and services from one period which is the base year to another period which is the current year. Consumer price index (cost of living index) is the measure of the relative changes in the price level in an economy in the current year as compared to the base year based on changes in the prices of selected consumer goods and services.
- THE STRUCTURE OF UGANDA’S ECONOMY 00:00:00
- An economy is the material resources and administration of a country. It is a system or vehicle through which the resources of a country are utilized to achieve the development goals of the country. By structure of an economy, we mean the composition of the salient or basic features of an economy.
- THE AGRICULTURAL SECTOR 00:00:00
- Agriculture consists of crop husbandry, forestry, fishing and livestock keeping. It is the backbone of Uganda’s economy. Over 75% of the people are dependent on agricultural activities for their livelihood.
- ECONOMIC DEPENDENCE 7 days
- Economic dependence is the reliance of an economy on other economies for decisions and resources or on a specific sector for her survival (development).
- THE CONCEPT OF DUALISM 7 days
- Dualism refers to the co-existence of two contrasting social economic situations one being superior and desirable and the other is inferior and undesirable. NB A dual economy refers to an economy where there is co-existence of two contrasting sectors or phenomena one advanced/ modern/ superior and the other backward/ traditional/ inferior which are mutually exclusive to different groups of the economy.
- THE INDUSTRIAL SECTOR 00:00:00
- The industrial sector in Uganda is small but steadily growing and expanding. The percentage contribution of the industrial sector to Uganda’s GDP according to the national budget for the financial year 2014 – 2015 is at
