Economics of Markets and Organisations (ECON90077)

Intended learning outcomes

On successful completion of this subject students should be able to:

• Explain the role of supply and demand in determining price in a competitive market;
• Apply supply and demand analysis to economic and business strategy issues;
• Explain how economies of scale, scope and learning determine the boundaries of a firm and market structure;
• Identify the main characteristics of different market types, such as perfect competition, monopoly, monopolistic competition and oligopoly. Explain and analyse the nature of competitive behaviour in these markets and the implications for business strategy;
• Apply economic models of business behaviour and markets to describe the main features of actual markets and to explain outcomes in actual markets, including prices and output levels, and business performance and profitability;
• Identify strategic situations in business activity and be able to analyse and predict the outcomes of these strategic situations using game theory;
• Identify the concepts of "external" costs and benefits that may be generated by consumption and production. Explain the nature of public policy in the form of taxation, quantitative restrictions and tradeable emissions permits that may be imposed on firms to correct for external costs in production where environmental pollution may have resulted.
• Analyse and explain the implications of various measures of cost; and
• Identify the concepts of "external" costs and benefits that may be generated by consumption and production. Explain the nature of public policy in the form of taxation, quantitative restrictions and tradeable emissions permits that may be imposed on firms to correct for external costs in production where environmental pollution may have resulted.

Generic skills

• Evaluation of ideas, views and evidence;
• Synthesis of ideas, views and evidence;
• Strategic thinking;
• Critical thinking;
• Application of theory to economic policy and business decision making;
• Accessing economic and other information;
• Summary and interpretation of information;
• Problem solving skills;
• Written communication; and
• Oral communication.