Course Description:

Course Title:

Understanding Microeconomics in Business

Course Description: This course aims to enhance your knowledge and skills in understanding how microeconomic factors impact businesses. Throughout this course, you will explore key concepts such as cost and output decisions, economies and diseconomies of scale, short and long run impacts, multinational corporations, labour markets, technology, innovation, and the business environment. Additionally, you will learn about features of perfect competition, the determination of equilibrium price through demand and supply analysis, changes in supply and demand conditions and their impact on price and output, elasticity of demand and supply in imperfect markets, regulation of markets to promote competition, strategies adopted by firms to achieve a competitive advantage, and cost and output decisions. By the end of this course, you will have a comprehensive understanding of the microeconomic factors that influence business operations and decision-making.

Course Objectives:

 Compare key microeconomic factors

 Explain how prices are determined in a perfectly competitive market

 Explain how changes in supply and demand influence equilibrium price and output

 Explain the concepts of elasticity of demand and supply in imperfect markets

 Analyse the strategies adopted by firms to achieve a competitive advantage