Economics - Producers and Markets


Overview/Description
Target Audience
Expected Duration
Lesson Objectives
Course Number

Overview/Description
"Economics: Products and Markets": Having covered the basics of markets and consumers, learners can now examine the relationships between producers and trhe markets in which they sell. Learners discover what drives short and long-run costs as well as what makes markets competitive. Different market types and producer theory are also explained.

Target Audience
This course is aimed at Managers, Directors, and Project Leaders.

Expected Duration (hours)
4.0

Lesson Objectives

Economics - Producers and Markets

  • Identify different forms of business organization.
  • Identify the decisions firms make.
  • Recognize how to define cost and revenue.
  • Identify what constitutes profit for a firm.
  • Recognize how firms maximize profits in the short run.
  • Recognize some key principles associated with economic costs.
  • Recognize some key principles associated with costs in the long run.
  • Recognize how firms maximize profits in the long run.
  • Identify four types of economic markets.
  • Identify the characteristics of perfect competition.
  • Identify the relationship between the demand curve and the marginal revenue curve in a perfectly competitive market.
  • Recognize how price is determined in a perfectly competitive industry.
  • Recognize how a monopoly can arise.
  • Recognize the relationship between a monopoly's output and price.
  • Recognize the characteristics of monopolistic competition.
  • Recognize the characteristics of an oligopoly.

    • Course Number:
    en_US_48813_ng