Course: What is Economics in Global Logistics?

The key resources found in an economy are: Land, which earns rent Capital, which earns interest Labour, which earns wages or salaries Entrepreneurship, which earns profit If you look around …

Having explored the different market structures, you should now realise how difficult it is to apply any of them to real-world markets such as transport and logistics. Models provide us …

Imperfect competition, sometimes referred to confusingly as monopolistic competition, is similar to perfect competition but without the perfect knowledge. Firms are of different sizes and there are some barriers to …

The other extreme of market structures is a monopoly, which is a market of one supplier. This is the opposite of perfect competition, which has many suppliers. How does this …

Let’s start with perfect competition, which is at one extreme of the market structure spectrum described in the previous step. The key characteristics of perfect competition are that there are …

By now, hopefully you can recognise the basics of how demand and supply work, and how they can be used to make decisions on allocating scarce resources. We’re now going …