Diploma in Economics: Microeconomics
Learn the essentials of microeconomics and how incentives and the actions of individuals shape the economy.
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.
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.
All Alison courses are free to enrol, study and complete. To successfully complete this Diploma course and become an Alison Graduate, you need to achieve 80% or higher in each course assessment. Once you have completed this Diploma course, you have the option to acquire official Certification, which is a great way to share your achievement with the world. Your Alison Certification is:
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Alison offers 3 types of Certification for completed Diploma courses:
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