| Unit name | Markets and Competition |
|---|---|
| Unit code | ECONM0028 |
| Credit points | 20 |
| Level of study | M/7 |
| Teaching block(s) |
Teaching Block 2 (weeks 13 - 24) |
| Unit director | Dr. Tran |
| Open unit status | Not open |
| Units you must take before you take this one (pre-requisite units) |
None |
| Units you must take alongside this one (co-requisite units) |
None |
| Units you may not take alongside this one |
None |
| School/department | School of Economics |
| Faculty | Faculty of Social Sciences and Law |
Why is this unit important?
This unit introduces students to a range of issues related to firm competition in different markets. It covers how markets in different industries work, the different ways in which firms compete with each other, and implications for firm strategies. It then draws out the implications of different firm strategies for firm profits and performance, for consumers, and for public policy.
At the end, students will understand how the degree of competition in markets can drive various outcomes such as prices, consumer welfare, R&D spending, and more.
Theoretical models in industrial and international economics have direct applications in practice. The course will analyse formal theoretical economic models and interpret the models in the context of real-world case studies, examples, and empirical evidence on firm behaviour.
How does this unit fit into your programme of study
This unit covers various applications and extensions of concepts introduced in the Economics unit. Students will deepen their understanding of core concepts in industrial economics and understand how they can be adapted to study different industries. By reflecting on recent and ongoing cases, students can use their newly acquired knowledge of economics concepts to understand what they see in the real world.
An overview of content
Topics to be covered will be chosen from:
How will students, personally, be different as a result of the unit
Students will understand how competition affects firms’ incentives and, as a result, market outcomes. Students will be able to identify optimal strategies in market settings and explain the underlying economic principles behind competition cases.
Learning Outcomes
On completion of the unit students will be able to:
1. Use theoretical models of industrial economics to explain the business decisions of firms.
2. Explain how the way firms compete affects market structure, firm profits, and firm performance.
3. Explain how firm behaviour affects the welfare of consumers and the implications of this for the design of public policy.
4. Think critically about the interpretation and application of the models in the context of industry case studies, empirical evidence, and real-world examples of firm behaviour.
5. Describe how the models inform real-world policy issues, for example in the areas of competition policy and public policy towards innovation.
Teaching will be delivered through a combination of large-group and small-group sessions, and online videos. Online videos will introduce core concepts and models. Large-group sessions will deepen the understanding from the videos and discuss real-world applications. Small-group sessions will be more interactive and introduce further concepts as well as examples and case studies.
Tasks which help you learn and prepare you for summative tasks (formative):
Practice coursework (approx. 750 words) to be handed in around the middle of the teaching block. This coursework will be of similar format as the summative coursework and will give students the chance to practice for the summative assignment.
Tasks which count towards your unit mark (summative):
Coursework consisting of short-answer questions (approx. 2,250 words in total) (100%). Coursework will cover all ILOs.
When assessment does not go to plan
When a student fails the unit and is eligible to resubmit, failed components will be reassessed on a like-for-like basis.
If this unit has a Resource List, you will normally find a link to it in the Blackboard area for the unit. Sometimes there will be a separate link for each weekly topic.
If you are unable to access a list through Blackboard, you can also find it via the Resource Lists homepage. Search for the list by the unit name or code (e.g. ECONM0028).
How much time the unit requires
Each credit equates to 10 hours of total student input. For example a 20 credit unit will take you 200 hours
of study to complete. Your total learning time is made up of contact time, directed learning tasks,
independent learning and assessment activity.
See the University Workload statement relating to this unit for more information.
Assessment
The assessment methods listed in this unit specification are designed to enable students to demonstrate the named learning outcomes (LOs). Where a disability prevents a student from undertaking a specific method of assessment, schools will make reasonable adjustments to support a student to demonstrate the LO by an alternative method or with additional resources.
The Board of Examiners will consider all cases where students have failed or not completed the assessments required for credit.
The Board considers each student's outcomes across all the units which contribute to each year's programme of study. For appropriate assessments, if you have self-certificated your absence, you will normally be required to complete it the next time it runs (for assessments at the end of TB1 and TB2 this is usually in the next re-assessment period).
The Board of Examiners will take into account any exceptional circumstances and operates
within the Regulations and Code of Practice for Taught Programmes.
