Course Description

This chapter dives into the internal functioning of businesses and the economic decisions they face. It covers the factors of production, sectors of the economy, productivity, division of labour, and the costs, revenues, and profits that influence firm behavior. Students learn about economies and diseconomies of scale, the structure and dynamics of different market types (from perfect competition to monopoly and oligopoly), and how labour markets function. This unit equips learners with the tools to analyze why firms behave the way they do and how they adapt to changes in market conditions.