Economics and markets IND200

• Introduction to microeconomics and organisation theory
• The firms demand for input factors
• The effect of price changes on production
• What determines demand for a product
• The market
• How the market structure influence the degree of competition
• Wage determination
• International trade

The candidate should be able to explain how different factors influence demand and supply of different products and how price changes influence market behavior. The candidate should also be able to conduct fundamental analysis of profitability and behavior in a market.

Content:

• Demand and supply
• Production theory
• Competition and market structures
• Public goods and externalities
• Labour markets and inequality
• International trade
• Behavioral economics

Learning outcome:

Knowledge:

• Master basic concepts of consumer and production theory that underly demand and supply models.
• Be familiar with the different considerations involved in analysis of demand, supply, and market structure.
• Be familiar with differences neoclassic and behavioral economics approach in modelling economic behaviour.
• Be familiar with key concepts in public goods, externalities, taxation, international trade, and labour markets.

Skills:

• The candidate is able to apply the logic of supply and demand models.
• The candidate is able to apply marginal analysis on a range of different economic applications
• The candidate is able to distinguish between fixed and variable costs, short and long run.
• The candidate is able to classify market structures based on key characteristics
• The candidate is able to classify public goods and externalities.

General competence:

• The student is capable of applying the knowledge gained in the course to undertake a rudimentary fundamental analysis of markets.
• The student is able to communicate and report the fundamental characteristics of a market.