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Diploma in Economics: Microeconomics
Learn the essentials of microeconomics and how incentives and the actions of individuals shape the economy.
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 NowModules
Module 1: Supply, Demand, and Equilibrium
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Supply, Demand, and Equilibrium: Learning Outcomes
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Introduction to Microeconomics
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The Demand Curve
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The Supply Curve
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The Equilibrium Price and Quantity
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A Deeper Look at the Demand Curve
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The Demand Curve Shifts
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A Deeper Look at the Supply Curve
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The Supply Curve Shifts
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Exploring Equilibrium
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Does the Equilibrium Model Work?
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Supply and Demand Terminology
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Supply, Demand, and Equilibrium: Lesson Summary
Module 2: Elasticity and Its Applications
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Elasticity and Its Applications: Learning Outcomes
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Elasticity of Demand
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Office Hours: Elasticity of Demand
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Calculating the Elasticity of Demand
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Elasticity of Supply
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Elasticity and Slave Redemption
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Applications Using Elasticity
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Elasticity and Its Applications: Lesson Summary
Module 3: Taxes and Subsidies
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Taxes and Subsidies: Learning Outcomes
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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
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Wage Subsidies
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Taxes and Subsidies: Lesson Summary
Module 4: The Price System
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The Price System: Learning Outcomes
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I, Rose
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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
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Information and Incentives
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Speculation
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Prediction Markets
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The Price System: Lesson Summary
Module 5: Price Ceilings and Price Floors
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Price Ceilings and Price Floors: Learning Outcomes
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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
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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
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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
Module 6: Trade
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Trade: Learning Outcomes
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The Big Ideas of Trade
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Comparative Advantage
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Another Look at Comparative Advantage
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Comparative Advantage Homework
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Tariffs and Protectionism
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Arguments Against International Trade
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Trade: Lesson Summary
Module 7: First Assessment - Microeconomics
Module 8: Externalities
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Externalities: Learning Outcomes
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An Introduction to Externalities
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External Benefits
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Command and Control Solutions
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The Coase Theorem
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Trading Pollution
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A Deeper Look at Tradeable Allowances
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Externalities: Lesson Summary
Module 9: Costs and Profit Maximization Under Competition
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Costs and Profit Maximization Under Competition: Learning Outcomes
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Introduction to the Competitive Firm
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Maximizing Profit Under Competition
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Maximizing Profit and the Average Cost Curve
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Entry, Exit, and Supply Curves: Increasing Costs
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Entry, Exit, and Supply Curves: Constant Costs
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Entry, Exit, and Supply Curves: Decreasing Costs
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Costs and Profit Maximization Under Competition: Lesson Summary
Module 10: Competition and the Invisible Hand
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Competition and the Invisible Hand: Learning Outcomes
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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
Module 11: Monopoly
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Monopoly: Learning Outcomes
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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
Module 12: Price Discrimination
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Price Discrimination: Learning Outcomes
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Introduction to Price Discrimination
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The Social Welfare of Price Discrimination
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Tying
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Bundling
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Price Discrimination: Lesson Summary
Module 13: Labor Markets
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Labor Markets: Learning Outcomes
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The Marginal Product of Labor
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Econ Duel: Is Education Signaling or Skill Building?
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Human Capital and Signaling
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The Tradeoff Between Fun and Wages
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Compensating Differentials
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Do Unions Raise Wages?
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Labor Markets: Lesson Summary
Module 14: Public Good and the Tragedy of the Commons
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Public Goods and the Tragedy of the Commons: Learning Outcomes
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Public Goods and Asteroid Defense
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A Deeper Look at Public Goods
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Club Goods
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The Tragedy of the Commons
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Public Good and the Tragedy of the Commons: Lesson Summary
Module 15: Asymmetric Information
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Asymmetric Information: Learning Outcomes
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Asymmetric Information and Used Cars
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Asymmetric Information in Health Insurance
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Moral Hazard
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Solutions to Moral Hazard
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Signaling
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Asymmetric Information: Lesson Summary
Module 16: Consumer Choice
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Consumer Choice: Learning Outcomes
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Introduction to Consumer Choice
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Budget Constraints
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Indifference Curves
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Consumer Optimization
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Consumer Choice: Lesson Summary
Module 17: Second Assessment - Microeconomics
Course assessment
Learning 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
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