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Demand, Supply, The Market, and Business


John K.E. Mubazi


This book concentrates on the elementary micro-economics, both theory and applied. The purpose is to produce a relatively portable text covering micro-economics at an elementary level in sufficient details. This supplements related materials in more complete texts but that fail on details. This portability and supplementation properties rationalises the need of the text.

After the introductory remarks in chapter one, the text takes an elementary approach to the theoretical basis of supply and demand in the second chapter and production in the third chapter. The treatment of imperfect competition in chapter four is typically slightly more complicated but nonetheless still elementary. The last chapter is an application of the earlier chapters both in a micro and macro sense or setting.

The last chapter is rather unique, not commonly found in texts of this nature which from chapter four would go into macro-economics, often starting with national income. In this way, the text does provide an opportunity of applying the micro foundations to the business world albeit in an elementary setting.

The primary audience of this book is the student community in the early stages of the discipline. Practitioners and policy makers would find it useful as a backdrop.


List of Figures

List of Tables

A Guide through the text


  1. Introduction

The meaning of economics

Primary functions of economic organisation

Forms of economic organisation


  1. Theoretical Basis of Supply and Demand

2.1. Price, market, and effective demand

2.2. Determinants of demand

2.3. Other aspects of demand

2.4. Determinants of supply

2.5. Other aspects of supply

2.6. Equilibrium

2.7. Elasticity

2.8. Utility

2.9. Regressive and abnormal curves

2.10. Demand and supply theory

2.11. Alternative methods of allocating resources

2.12. The application of price theory to the pricing of factors of production

  1. Production 49

3.1. Definition of production and why it is undertaken

3.2. Wealth and its ownership

3.3. The factors of production

3.4. Factors in production


  1. The Price of Market Mechanism

4.1. Introduction

4.2. Perfect competition

4.3. Monopoly

4.4. Imperfect competition

4.5. Summary and realism versus relevance of the notion of perfect competition

4.6. Planning and competition compared

4.7. Conclusion


  1. Business Undertakings

5.1. Commerce/Shopping

5.2. Types of business units

5.3. Specialisation

5.4. Economies of scale and the survival of small firms




Revision Questions

About Author

Prof. John Kigongo E. Mubazi holds a Bachelors degree in Economics, single honours, from Makerere University in Uganda, a Masters degree in Economics from the University of Kent at Canterbury in England, and an M. Phil. in Advanced Economics and Quantitative Techniques from the United Nations University through the World Institute of Development Economic Research centre at the Bangladesh Institute of Development Studies in Dhaka, Bangladesh.  His Doctorate in Social and Economic Studies was obtained from the University of Economics and Business, Vienna, Austria.

Some of the areas he has handled at Bachelors, Masters, and Doctoral levels are Quantitative economics, International economics, Research methods/methodology, Monetary economics, and Development economics.  He has published with the Cambridge University Press, UK; Makerere University Research Journal and Mawazo, Makerere University; Scientific and Academic Publishing and American Journal of Economics, USA; Lap Lambert Academic Publishing, German; Oxford University Press, Southern Africa; and Consilience: The Journal of Sustainable Development, based at Colombia University in the City of New York, USA.

He has worked with Makerere (Mak), Islamic (IUIU) and Kyambogo (KYU) universities in Uganda as an instructor.  Short academic visits to a number of universities he has made include in Great Britain University of Oxford, Institute of Economics and Statistics; University of London, Overseas Development Institute, London; and University of Wales, Cardiff Business School, Cardiff.  The longer ones in England were to Lancaster University; University of East Anglia; and University of Sussex, Institute of Development Studies.  Short academic visits elsewhere include University of Dar-es-Salaam, Tanzania; University of Nairobi, Kenya; Université de Paris III and Université de Cergy-Pontoise, France; and Wiener Universitäten, Wien and Karl – Franzens – Universität, Graz, Austria.

Consultation in has included Uganda Incafex Consultants Limited; Export Policy Analysis and Development Unit (EPADU); and Uganda Investment Authority (UIA).  He was a lead author with the Intergovernmental Panel on Climate Change (IPCC), Working Group III (1993-1995) and got The Pearl of Africa Lifetime Achievement Award (PALITA), 2013.



Date of Publication

July 30, 2019

File Size: 2319 KB
Length: xxv + 157 pages

Other KSP Books

Other KSP Books