The simple prisoner’s dilemma

The simple prisoner’s dilemma

Game theory is an area of Economics that is increasingly used to explain many situations where strategic thinking and action is involved.  It is “the formal study of decision-making where several players must make choices that potentially affect the interests of the other players”  (von Stengel & Turocy).  It is an area study which has led to …

Oligopoly and the Kinked-demand curve

Oligopoly and the Kinked-demand curve

During our studies of market structures we have come across oligopolies.  We have found that in this form of structure there can be both collusive and non-collusive markets.  It is important to remember that this means that we also have more than one model to help us explain and analyse this form of structure.  We …

Barriers to entry and anti-competitive behaviour

Barriers to entry and anti-competitive behaviour

In the higher level course, it is important to understand that barriers to entry are an important source of monopoly power and that they can occur for a number of reasons.  Some ways they can occur are through anti-competitve behaviour (mis-using your market dominance), cartels and collusion, and through patents.  In the news they are …

Economic terms

Economic terms

In Economics there are many terms which you need to learn, understand and be able to define.  In our classroom there are many of these terms in posters on the wall.  Below are the posters in pdf form at A4 size. Introductory Economics Microeconomics Macroeconomics International trade Theory of the firm (Higher level only) Clicking …

EU competition policy

EU competition policy

  As part of the higher level course you should have an understanding of competition policy.  Most countries have their own competition authorities who look into issues regarding fair competition, and the EU also has an EU-wide authority.  There are many examples of companies that have been investigated in the past, and many ongoing issues …