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Free Course
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Advance Learning
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5-8 Hours
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Assessment
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Certification
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Academic - Third Level - Level 1
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250 Pts
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Responsive
Diploma in Economics: Microeconomics
Join 3,108 other students
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Description
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Outcome
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Certification
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Economics is much more than just numbers and graphs. In fact, we can use economics to explain much of what we encounter in our daily lives. For instance, why is customer service at your local restaurant usually better than that of the cable company? If you want to know the answer to questions like this, then you are in the right place.
With this course “Diploma in Economics: Microeconomics”, learn about all aspects of economics. First, learn about supply, demand, and equilibrium. Understand what causes shifts in supply and demand, what creates surplus and how shortages occur. Then, learn about taxes and subsidies. Do subsidies improve social welfare?
How do we know when government intervention improves social welfare? Furthermore, learn all about how the price system evolves and develops as an effect of “the invisible hand”. Learn about price ceilings and price floors and how these price controls relate to communism. If it is trade you are interested in, then our module on trade will introduce you to the concept of comparative advantage and the most common arguments against trade.
Then, learn all about competition in the market and the effects of monopolies. Examine the monopolies that are created by patents in the pharmaceutical industry and how these patents affect research and development. Lastly, focus on the economics related to you, the consumer. What is price discrimination? Are you a free rider? How can you avoid moral hazard? Learn all this and much more.
This course will be ideal for students studying economics, as a resource for teachers, or for anyone who wants to gain a better understanding of how the economy works.
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After completing this course, you will be able to: • Discuss supply, demand, and equilibrium.
- Explain elasticity and its applications.
- Discuss who pays taxes and the effect of taxes and subsidies on social welfare.
- Explain how the price system works. • Define price ceilings and price floors.
- Examine arguments against trade and why trade is important.
- Discuss externalities. • Calculate profit. • Discuss monopolies.
- Explain price discrimination. • Discuss the labor market.
- Compare public, private, and common goods.
- Explain asymmetric information and moral hazard.
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All Alison courses are free to study. To successfully complete a course you must score 80% or higher in each course assessments. Upon successful completion of a course, you can choose to make your achievement formal by purchasing an official Alison Diploma or Certificate.
Having an official Alison document is a great way to celebrate and share your success. It is:- Ideal to include with CVs, job applications and portfolios
- A way to show your ability to learn and achieve high results
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Modules List( 18 )
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SUPPLY, DEMAND, AND TAXES
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Module
1 Supply, Demand, and Equilibrium-
In this module, you will first explore how people respond to changes in price and discover the relationship between price and quantity supplied. Next, learn how prices reach equilibrium. Then, learn about horizontal and vertical methods for reading the demand curve, how demand curves shift, and consumer surplus. Then, explore important factors that shift the demand curve as well as the supply curve. Lastly, this module will present a case study that explores the equilibrium model.
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Supply, Demand, and Equilibrium: Learning Outcomes
Start Topic
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Introduction to Microeconomics
Start Topic
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The Demand Curve
Start Topic
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The Supply Curve
Start Topic
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The Equilibrium Price and Quantity
Start Topic
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A Deeper Look at the Demand Curve
Start Topic
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The Demand Curve Shifts
Start Topic
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A Deeper Look at the Supply Curve
Start Topic
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The Supply Curve Shifts
Start Topic
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Exploring Equilibrium
Start Topic
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Does the Equilibrium Model Work?
Start Topic
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Supply and Demand Terminology
Start Topic
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Supply, Demand, and Equilibrium: Lesson Summary
Start Topic
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Module
2 Elasticity and Its Applications-
In this module, learn about determinants of elasticity, the midpoint formula, and how to calculate the elasticity of supply. Then, explore the history of the Sudan civil war and how elasticity relates to the slave redemption. Lastly, learn about how elasticity relates to other scenarios, such as gun buyback programs in the U.S.
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Elasticity and Its Applications: Learning Outcomes
Start Topic
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Elasticity of Demand
Start Topic
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Office Hours: Elasticity of Demand
Start Topic
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Calculating the Elasticity of Demand
Start Topic
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Elasticity of Supply
Start Topic
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Elasticity and Slave Redemption
Start Topic
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Applications Using Elasticity
Start Topic
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Elasticity and Its Applications: Lesson Summary
Start Topic
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Module
3 Taxes and Subsidies-
In this module, you will first learn about taxes, tax revenue, and subsidies. Then, learn about who really pays taxes – buyers or sellers? This will be introduced in conjunction with the notion of social security and health insurance taxes. Then, gain an understanding of why taxes exist and how taxes relate to surplus and deadweight. Lastly, learn about subsidies, such as wage subsidies and minimum wage.
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Taxes and Subsidies: Learning Outcomes
Start Topic
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Commodity Taxes
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Who Pays the Tax
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Tax Revenue and Deadweight Loss
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Subsidies
Start Topic
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Wage Subsidies
Start Topic
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Taxes and Subsidies: Lesson Summary
Start Topic
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PRICE AND TRADE
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Module
4 The Price System-
In this module, learn about the price system and how people with dispersed knowledge and information help to coordinate global economic activity. Then, learn how markets link the world and how we should approach limited resources. Next, learn about how prices provide information and incentives and signals. Lastly, learn about speculation and futures and the effect they have on prices.
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The Price System: Learning Outcomes
Start Topic
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I, Rose
Start Topic
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A Price is a Signal Wrapped up in an Incentive
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Markets Link the World
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The Great Economic Problem
Start Topic
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Information and Incentives
Start Topic
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Speculation
Start Topic
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Prediction Markets
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The Price System: Lesson Summary
Start Topic
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Module
5 Price Ceilings and Price Floors-
In this module, learn about price ceilings and price floors. Learn how price ceilings create shortages, such as in the oil crisis of the 1970s. Then, learn what the unintended consequences of price ceilings are. Following lessons on price ceilings, you will learn about price floors, such as minimum wage. Lastly, you will learn about how price controls relate to communism.
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Price Ceilings and Price Floors: Learning Outcomes
Start Topic
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Price Ceilings
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Price Ceilings: Shortages and Quality Reduction
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Price Ceilings: Lines and Search Costs
Start Topic
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Price Ceilings: Deadweight Loss
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Price Ceilings: Misallocation of Resources
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Price Ceilings: Rent Controls
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Price Floors: The Minimum Wage
Start Topic
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Price Floors: Airline Fares
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Why Do Governments Enact Price Controls?
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Price Controls and Communism
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Price Ceilings and Price Floors: Lesson Summary
Start Topic
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Module
6 Trade-
In this module, you will learn about specialization and division of knowledge and how this relates to trade. Then, you will learn about comparative advantage. Following this, learn about the costs and consequences of tariffs, quotas, and protectionism. Lastly, learn the common arguments against international trade.
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Trade: Learning Outcomes
Start Topic
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The Big Ideas of Trade
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Comparative Advantage
Start Topic
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Another Look at Comparative Advantage
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Comparative Advantage Homework
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Tariffs and Protectionism
Start Topic
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Arguments Against International Trade
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Trade: Lesson Summary
Start Topic
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First Assessment - Microeconomics
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Module
7 First Assessment - Microeconomics-
In this module, you will assessed on your understanding of material in the "Supply, Demand and Taxes" "Price and Trade" modules.
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First Assessment - Microeconomics
Start Topic
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COMPETITION
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Module
8 Externalities-
In this module, learn about externalities and their costs. Learn about private, external, and social costs. Then, learn about the effects of Pigouvian taxes. Lastly, learn about command and control and the coase theorem.
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Externalities: Learning Outcomes
Start Topic
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An Introduction to Externalities
Start Topic
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External Benefits
Start Topic
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Command and Control Solutions
Start Topic
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The Coase Theorem
Start Topic
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Trading Pollution
Start Topic
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A Deeper Look at Tradeable Allowances
Start Topic
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Externalities: Lesson Summary
Start Topic
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Module
9 Costs and Profit Maximization Under Competition-
In this module, learn how companies maximize profits in a competitive marketplace. Then, learn about who really controls the prices of goods and services. Lastly, learn about profit: learn how to calculate total revenue, how to predict profit, and how to minimize losses.
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Costs and Profit Maximization Under Competition: Learning Outcomes
Start Topic
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Introduction to the Competitive Firm
Start Topic
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Maximizing Profit Under Competition
Start Topic
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Maximizing Profit and the Average Cost Curve
Start Topic
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Entry, Exit, and Supply Curves: Increasing Costs
Start Topic
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Entry, Exit, and Supply Curves: Constant Costs
Start Topic
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Entry, Exit, and Supply Curves: Decreasing Costs
Start Topic
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Costs and Profit Maximization Under Competition: Lesson Summary
Start Topic
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Module
10 Competition and the Invisible Hand-
In the module, you will be introduced to the concept of the Invisible Hand. Learn about balancing production with costs. Then, learn about the processes of creative destruction and the elimination principle, two processes that form the competitive marketplace.
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Competition and the Invisible Hand: Learning Outcomes
Start Topic
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Minimization of Total Industry Costs of Production
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The Balance of Industries and Creative Destruction
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Competition and the Invisible Hand: Lesson Summary
Start Topic
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Module
11 Monopoly-
In this module, you will learn about monopolies, in particular you will learn about monopolies in the pharmaceutical industry. Learn about the costs and benefits of monopolies. Then, explore the possible results of the elimination of parents in industries with high R&D costs: will this result in less innovation?
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Monopoly: Learning Outcomes
Start Topic
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Maximizing Profit Under Monopoly
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Office Hours: Calculating Monopoly Profit
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The Monopoly Markup
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The Costs and Benefits of Monopoly
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Monopoly: Lesson Summary
Start Topic
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THE CONSUMER
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Module
12 Price Discrimination-
In this module, you will be introduced to the concept of price discrimination. Take part in a discussion whether or not price discrimination is good for society, depending on the output. Then, learn about tying and bundling. Decide whether these processes are forms of price discrimination and whether they are good or bad for social welfare.
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Price Discrimination: Learning Outcomes
Start Topic
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Introduction to Price Discrimination
Start Topic
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The Social Welfare of Price Discrimination
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Tying
Start Topic
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Bundling
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Price Discrimination: Lesson Summary
Start Topic
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Module
13 Labor Markets-
In this module, learn about the marginal product of labor. All of your questions about wages and labor unions will be answered. Learn how to derive the demand for labor based on the marginal product of labor. Furthermore, learn about the value of education and the signals an education creates. In addition, learn about the concept of human capital.
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Labor Markets: Learning Outcomes
Start Topic
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The Marginal Product of Labor
Start Topic
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Econ Duel: Is Education Signaling or Skill Building?
Start Topic
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Human Capital and Signaling
Start Topic
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The Tradeoff Between Fun and Wages
Start Topic
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Compensating Differentials
Start Topic
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Do Unions Raise Wages?
Start Topic
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Labor Markets: Lesson Summary
Start Topic
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Module
14 Public Good and the Tragedy of the Commons-
In this module, we will explore the concept of public goods. Learn about taxation and government provisions, and how this relates to free and forced riders. Then, learn about club goods and how profit can be made off public goods. Lastly, learn about common goods and the tragedy of the commons.
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Public Goods and the Tragedy of the Commons: Learning Outcomes
Start Topic
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Public Goods and Asteroid Defense
Start Topic
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A Deeper Look at Public Goods
Start Topic
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Club Goods
Start Topic
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The Tragedy of the Commons
Start Topic
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Public Good and the Tragedy of the Commons: Lesson Summary
Start Topic
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Module
15 Asymmetric Information-
In this module, you will learn about the theory of adverse selection, asymmetric information, and propitious selection. This will include discussions on asymmetrical information regards to buying cars and health insurance. You will also be introduced to the concept of moral hazard and solutions to avoiding it.
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Asymmetric Information: Learning Outcomes
Start Topic
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Asymmetric Information and Used Cars
Start Topic
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Asymmetric Information in Health Insurance
Start Topic
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Moral Hazard
Start Topic
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Solutions to Moral Hazard
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Signaling
Start Topic
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Asymmetric Information: Lesson Summary
Start Topic
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Module
16 Consumer Choice-
In this module, learn about consumption, utility, and substitution. Understand how much value you receive from a good or service and at what point that this value begins to diminish. Additionally, understand the meaning of a budget line and an indifference curve and how you can combine these to get maximum utility.
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Consumer Choice: Learning Outcomes
Start Topic
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Introduction to Consumer Choice
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Budget Constraints
Start Topic
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Indifference Curves
Start Topic
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Consumer Optimization
Start Topic
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Consumer Choice: Lesson Summary
Start Topic
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Second Assessment - Microeconomics
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Module
17 Second Assessment - Microeconomics-
In this module, you will assessed on your understanding of material in the Competition and the Consumer modules.
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Second Assessment - Microeconomics
Start Topic
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Module
18 Course assessment
