Economics and Markets (IND200)

This course provide an introduction to market behavior in a microeconomic perspective. The main focus is on firm behavior and factors than influence production. Demand is also covered with a focus on consumers' behavior, and on the interaction between demand and supply in markets.

Course description for study year 2023-2024


Course code




Credits (ECTS)


Semester tution start


Number of semesters


Exam semester


Language of instruction



  • 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

Learning outcome

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.


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

Learning outcome:


  • 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.


  • 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.

Required prerequisite knowledge



Form of assessment Weight Duration Marks Aid
Written exam 1/1 4 Hours Letter grades Valid calculator 1)

1) Approved, simple calculator.

Course teacher(s)

Course coordinator:

Ruth Beatriz Pincinato

Course teacher:

Atle Øglend

Head of Department:

Tore Markeset

Method of work

Lectures, 2-4 hours per week

Overlapping courses

Course Reduction (SP)
Micro Economics (BØK105_1) 5
Microeconomics (BØK265_1) 5
Organization Theory (BIP220_1) 5
Introduction to economics (IND100_1) 5
Organization and Management (IND105_1) 5
Organization, resources and management (BØK225_1) 5

Open for

Battery and Energy Engineering - Bachelor in Engineering Biological Chemistry - Biotechnology - Bachelor's Degree Programme Civil Engineering - Bachelor in Engineering Computer Science - Bachelor in Engineering Control Engineering and Circuit Design - Bachelor in Engineering Energy and Petroleum Engineering - Bachelor in Engineering Chemistry and Environmental Engineering - Bachelor in Engineering Mechanical Engineering - Bachelor in Engineering Mathematics and Physics - Bachelor's Degree Programme Admission to Single Courses at the Faculty of Science and Technology City and Regional Planning - Master of Science Degree Programme, Five Years Industrial Economics - Master of Science Degree Programme Industrial Economics - Master of Science Degree Programme, Five Year Petroleum Engineering - Master of Science Degree Programme, Five Years

Course assessment

There must be an early dialogue between the course coordinator, the student representative and the students. The purpose is feedback from the students for changes and adjustments in the course for the current semester.In addition, a digital course evaluation must be carried out at least every three years. Its purpose is to gather the students experiences with the course.


The syllabus can be found in Leganto