Managerial Economics | Market & Consumer Behaviour |Free Course|Alison
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Understanding Market and Consumer Behaviour

Boost your business acumen by studying market and consumer behaviours and preferences with this free online course.

Economics
Free Course
This free online course introduces you to the law of supply and demand, and analyses consumer preference in the marketplace. You will learn about the various factors affecting that law and market equilibrium. You will also explore the indifference curve and learn how to use consumers’ income to write the budget line before analyzing how the consumer reaches equilibrium.
  • Duration

    6-10 Hours
  • Certification

    Yes
  • Mobile Friendly

    Yes
  • Publisher

    NPTEL
  • Accreditation

    CPD

Description

Modules

Outcome

Certification

View course modules

Description

Do you know the law of supply and demand, and what ‘consumer preference’ is and how it has an impact on business revenue? In this free course, you will begin by studying the law of demand and its exceptions, notably Giffen goods and the Veblen effect. The course also covers the law of supply and the various factors influencing it. Market equilibrium, resulting from supply and demand, will also be covered, along with disequilibrium situations. Elasticity will be discussed, with emphasis on advertising the elasticity of demand.

As you progress through the course, you will learn how consumer preference is defined through indifference curves and the marginal rate of substitution. Explore how to use the income of the consumer to write the budget line. How the consumer reaches equilibrium, and substitution and income effects, are practical and useful topics that are covered. The elasticity of supply is also addressed, together with the consequences resulting from government regulations.

This course will be of great interest to anyone who runs a business or who works in sales management. It will also be useful to students who specialize in economics and management. Government officials in charge of economic regulatory policies will find the course particularly interesting. Why wait? Start this course today and gain a better overall awareness of market and consumer behaviour.

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Learning Outcomes

Upon successful completion of this course, you will be able to


  • Define the concept of 'demand'
  • Explain the different exceptions to the law of demand
  • Discuss the law of supply
  • List the various factors influencing supply
  • Explain market equilibrium and disequilibrium situations
  • Distinguish between the different types of elasticity
  • Define 'consumer theory'
  • Explain the concept of 'marginal utility'
  • Describe consumer equilibrium
  • Compute various types of elasticity
  • List factors influencing the elasticity of supply
  • Explain the effects of the government policy on the price and the quantity

Certification

All Alison courses are free to enrol, study and complete. To successfully complete this Certificate course and become an Alison Graduate, you need to achieve 80% or higher in each course assessment. Once you have completed this Certificate course, you have the option to acquire an official Certificate, which is a great way to share your achievement with the world. Your Alison Certificate is:

Ideal for sharing with potential employers - include it in your CV, professional social media profiles and job applications
An indication of your commitment to continuously learn, upskill and achieve high results
An incentive for you to continue empowering yourself through lifelong learning

Alison offers 3 types of Certificates for completed Certificate courses:

Digital Certificate - a downloadable Certificate in PDF format, immediately available to you when you complete your purchase
Certificate - a physical version of your officially branded and security-marked Certificate, posted to you with FREE shipping
Framed Certificate - a physical version of your officially branded and security-marked Certificate in a stylish frame, posted to you with FREE shipping

All Certificates are available to purchase through the Alison Shop. For more information on purchasing Alison Certificates, please visit our FAQs. If you decide not to purchase your Alison Certificate, you can still demonstrate your achievement by sharing your Learner Record or Learner Achievement Verification, both of which are accessible from your Dashboard. For more details on our Certificate pricing, please visit our Pricing Page.

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