Learn how to recognise the differences between important economic systems, identify the characteristics of various market structures and analyse how supply and demand affects these markets.
What’s it about?
Microeconomics is the branch of economics that pertains to decisions made at the individual level. In this micro-course you will identify the three main economic systems, characteristics of several market structures and evaluate the impact of supply and demand on these structures.
What will I learn?
Upon successful completion of this course, you will be able to:
- identify the characteristic differences between various market structures, namely, perfectly competitive markets, non-competitive markets, and imperfectly competitive markets, and discuss differences in their operations;
- compare and contrast as well as discuss the three main kinds of economic systems; and
- analyze how the demand and supply technique works for the resource markets.
This micro-course is offered online for independent study or you join an international community of learners in gaining a better understanding of market structures in a microeconomics context.
There are three learning pathways each containing numerous resources, activities, and learning challenges. The learning pathways are:
- Introduction to market structures
- Imperfect competition
- Resource markets
This micro-course forms part of the larger Principles of Microeconomics course of study coupled with MIEC101 and MIEC102. On completion of the three associated micro-courses, if learners wish, they can be assessed for academic credit.
Anyone is free to participate in this course. An internet connection and basic web browsing skills are recommended with the ability to create a blog and use online communication technologies account (instructions and self-study tutorials provided). You are requested to keep a personal learning journal as reflection has been shown to increase learning markedly.
Learners preparing for assessment for formal academic credit will need to meet the normal university admission requirements of the conferring institution.
Image credit: House and money grows, by nattanan23 dedicated to the public domain.