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Theme 4: Competition and Market Power
infoWhy this? Competition and Market Power is taught because it develops an understanding of how different market structures influence the behaviour of firms, the choices available to consumers, and the allocation of resources within an economy. Students explore competition, monopoly power, barriers to entry, pricing decisions, and efficiency, enabling them to evaluate how markets operate in practice. Competition and Market Power also helps students understand why some firms gain significant market influence and how the level of competition can affect prices, innovation, consumer welfare, and economic efficiency.
scheduleWhy now? Competition and Market Power is taught at the start of Theme 4 because students have already developed a strong understanding of markets, firms, globalisation, and economic performance. This unit builds on earlier learning by examining in greater depth how different market structures influence firm behaviour, pricing decisions, efficiency, and consumer outcomes. Competition and Market Power provides the foundation for the rest of Theme 4, where students evaluate government intervention, regulation, and the role of financial markets in shaping economic performance.