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Diploma in Economics: Microeconomics
Learn the essentials of microeconomics and how incentives and the actions of individuals shape the economy.
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Description
First, you will learn about supply, demand, and equilibrium. You will study what causes shifts in supply and demand, what creates surplus, and how shortages occur. You will then look into taxes and subsidies and learn how the price system evolves and develops, along with the concepts of price ceilings and price floors. The course will also cover the concept of comparative advantage and the most common arguments against trade.
You will then learn all about competition in the market and the effects of monopolies. You will look into the monopolies that are created by patents in the pharmaceutical industry and how these patents affect research and development. You will look into labor markets, the value of education, and the concept of human capital. Finally, you will study the economics related to the consumer and learn about price discrimination, free rider, budget line, moral hazards, and much more.
The study of economics is not just for economists. By studying this microeconomics course, you will expand your business vocabulary and gain knowledge of how the markets work. You will understand market dynamics as a whole and learn how you can apply them to your organization, and will also boost your ability to analyze your own spending habits in the process. These are some great rewards, so check out the course today and learn something valuable and interesting in just a few short hours!
Start Course NowLearning Outcomes
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.
Certification
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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