At OTC we believe in tailoring our courses to meet each client’s specific requirements. The illustrative course outline below gives an indication of the type of course content that we’ve been asked to deliver. For more information call us on +44 20 7700 3330 or email firstname.lastname@example.org
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The essentials of micro-economics
What is covered?
The aim of the course is to give participants greater understanding of key economic concepts and more confidence in discussing and applying economics with colleagues and clients. Specifically: supply and demand; costing; inflation; and the concept of GDP.
Who will benefit?
Participants with no background experience in economics looking for a basic grounding in micro-economic concepts
Demand and supply
Competition, monopoly and oligopoly
- What do economists mean by demand and supply
- Estimating the impact of changes in demand and supply on the economy
- Price elasticity of demand and its importance in business decision making
Factor markets, income and wealth
- Marginal revenue, average revenue and total revenue
- Marginal cost, average cost and total cost
- Perfect competition
- Monopoly and oligopoly
The circular flow model and GDP
- What are factor markets?
- The distribution of income and wealth
Aggregate supply and demand
- The key components of the economy
- What is GDP?
- How is GDP calculated?
- What is aggregate supply and demand?
- What are the key drivers of aggregate supply and demand
- The interaction between short run and long run aggregate supply and aggregate demand
- Recessionary and inflationary gaps
- What is inflation?
- Recent trends in the UK’s inflation rate
- The impact of inflation on aggregate demand and aggregate supply
- Inflation and interest rates