Understanding Market Mechanisms

Course Purpose

Describing the free market system in terms of perfect and imperfect competitive markets, analysing the interplay of demand and supply in determining prices, examining factors influencing economic activity, and detailing the development and significance of markets are key components in understanding the dynamics of economic systems and market structures.

What you’ll learn

This unit standard is intended for learners who wish to develop an understanding of the way market mechanisms operate in a new venture. It will also address the economic realities of South Africa and the role new ventures play in job creation. Learners credited with this unit standard will be able to explain the free market system in terms of perfect and imperfect competitive markets, analyse the interaction of demand and supply in price determination, analyse the factors that influence economic activity and describe the development and significance of markets.