Microeconomics - Demand, Supply, and Market Structures
Description
Microeconomics - Demand, Supply, and Market Structures encompasses the study of how individual markets function and how prices are determined through the interaction of buyers and sellers. The subject covers the law of demand explaining the inverse relationship between price and quantity demanded, the law of supply showing the positive relationship between price and quantity supplied, elasticity of demand and supply measuring sensitivity to price changes, market equilibrium where quantity supplied equals quantity demanded, and different market structures including perfect competition, monopoly, oligopoly, and monopolistic competition. Learners will understand how consumer and producer behavior determines market outcomes. Understanding microeconomics is essential for comprehending how markets allocate resources and determine prices.
Learning Objectives
Upon completing this subject, learners will be able to understand the law of demand and factors affecting demand. They will analyze price elasticity of demand and its implications. Learners will understand the law of supply and factors affecting supply. They will analyze elasticity of supply. Learners will understand market equilibrium and how it is determined. They will evaluate different market structures and their implications. Finally, learners will synthesize information to understand how markets function in allocating resources and determining prices through supply and demand interactions.