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Fundamental principles of economics Contents

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Abstract

Objectives: The aim of this unit is to acquaint student with some economic concepts and to be able to:  Understand why and how available choices lead to decision making.
 Know that not only the explicit or out-of-pocket cost form the cost of a particular choice but the implicit or opportunity cost of the best alternative forgone is also part of the total cost.
 Identify that correct ways of achieving an objective leads to rationality especially when the objectives are simply based on assumption.