Economics and Markets (IND200)

This course provide an introduction to market behavior in a microeconomic perspective. The main focus is on firm behavior and factors than influence production. Demand is also covered with a focus on consumers' behavior, and on the interaction between demand and supply in markets.


Course description for study year 2024-2025. Please note that changes may occur.

Facts

Course code

IND200

Version

1

Credits (ECTS)

10

Semester tution start

Autumn

Number of semesters

1

Exam semester

Autumn

Language of instruction

Norwegian

Offered by
Time table

View course schedule

Content

  • Introduction to microeconomics and organisation theory
  • The firms demand for input factors
  • The effect of price changes on production
  • What determines demand for a product
  • The market
  • How the market structure influence the degree of competition
  • Wage determination
  • International trade

Learning outcome

The candidate should be able to explain how different factors influence demand and supply of different products and how price changes influence market behavior. The candidate should also be able to conduct fundamental analysis of profitability and behavior in a market.

Content:

  • Demand and supply
  • Production theory
  • Competition and market structures
  • Public goods and externalities
  • Labour markets and inequality
  • International trade
  • Behavioral economics

Learning outcome:

Knowledge:

  • Master basic concepts of consumer and production theory that underly demand and supply models.
  • Be familiar with the different considerations involved in analysis of demand, supply, and market structure.
  • Be familiar with differences neoclassic and behavioral economics approach in modelling economic behaviour.
  • Be familiar with key concepts in public goods, externalities, taxation, international trade, and labour markets.

Skills:

  • The candidate is able to apply the logic of supply and demand models.
  • The candidate is able to apply marginal analysis on a range of different economic applications
  • The candidate is able to distinguish between fixed and variable costs, short and long run.
  • The candidate is able to classify market structures based on key characteristics
  • The candidate is able to classify public goods and externalities.

General competence:

  • The student is capable of applying the knowledge gained in the course to undertake a rudimentary fundamental analysis of markets.
  • The student is able to communicate and report the fundamental characteristics of a market.

Required prerequisite knowledge

None

Exam

Form of assessment Weight Duration Marks Aid
Written exam 1/1 4 Hours Letter grades Valid calculator 1)

1) Approved, simple calculator.

Digital exam.

Course teacher(s)

Course coordinator:

Ruth Beatriz Pincinato

Course teacher:

Atle Øglend

Course teacher:

Sigbjørn Landazuri Tveteraas

Head of Department:

Tore Markeset

Method of work

Lectures, 2-4 hours per week

Overlapping courses

Course Reduction (SP)
Micro Economics (BØK105_1) 5
Microeconomics (BØK265_1) 5
Organization Theory (BIP220_1) 5
Introduction to economics (IND100_1) 5
Organization and Management (IND105_1) 5
Organization, resources and management (BØK225_1) 5

Open for

Battery and Energy Engineering - Bachelor in Engineering Biological Chemistry - Biotechnology - Bachelor's Degree Programme Civil Engineering - Bachelor in Engineering Computer Science - Bachelor in Engineering Electrical Engineering, Vocational Path - Bachelor in Engineering Electrical Engineering - Bachelor in Engineering Energy and Petroleum Engineering, Vocational Path - Bachelor in Engineering Energy and Petroleum Engineering - Bachelor in Engineering Environmental Engineering - Bachelor in Engineering Mechanical Engineering - Bachelor in Engineering
Admission to Single Courses at the Faculty of Science and Technology
City and Regional Planning - Master of Science Degree Programme, Five Years Industrial Economics - Master of Science Degree Programme Industrial Economics - Master of Science Degree Programme, Five Year Petroleum Engineering - Master of Science Degree Programme, Five Years

Course assessment

There must be an early dialogue between the course supervisor, the student union representative and the students. The purpose is feedback from the students for changes and adjustments in the course for the current semester.In addition, a digital subject evaluation must be carried out at least every three years. Its purpose is to gather the students experiences with the course.

Literature

The syllabus can be found in Leganto