Allocation of scarce resources;
land, labour, capital, foreign exchange; present and future consumption, optimum use of taxes and
subsidy. Public ownership and planning, relationship between plans and projects selection and
investment programme; private sector projects, method of evaluation of private projects, social cost-
benefit and switching values, uses and abuses of sensitivity analysis. Accounting prices for traded
and non-traded goods, marginal social costs and marginal social benefits, financing of projects,
impact of project outputs on production and consumption elsewhere.