In this podcast, we develop the circular flow of income model as the basis for understanding macroeconomic equilibrium. Leakages and injections are identified as are real and money flows.

In this podcast, we examine some of the ways in which governments can help to correct market failures.

In this podcast, we define market failure and examine some of the key reasons for the occurence of market failure.

In this podcast, we examine three types of price discrimination and the conditions necessary for price discrimination to occur. We also consider the advantages and disadvantages of price discrimination from the perspective of consumers and producers.

In this podcast we give a brief run down on the oligopoly market structure, highlighting the importance of the interdependence among firms. We introduce the thinking behind the kinked demand curve model and show why collusion is likely to break down in the market.

In this podcast we describe the monopolistically competitive market, focussing on it's efficiency aspects and product differentiation. We also consider the long run and short run equilibrium positions of the market.

In this podcast we continue to look at monopolies, paying particular attention to their sources of monopoly power, efficiency aspect and some comparisons with perfect competition.

In this podcast, we set up the monopoly market structure by describing the assumptions behind the model and how they impact the shape of the revenue and cost curves of the monopolist.

In this podcast, we develop the model of the perfectly competitive market and explain why it is regarded as a very desirable market structure from an efficiency standpoint.

In this episode, we discuss how to calculate profit and determine the profit maximisation point for a firm. We also discuss a number of possible goals that a firm may have other than profit maximisation.