Learning Outcomes

In this free course, you will learn how to:

• Discuss supply, demand, and equilibrium
• Explain elasticity and its applications
• Discuss externalities
• Calculate profit
• Discuss monopolies
• Explain price discrimination
• Compare public, private, and common goods
• Explain asymmetric information and moral hazard
• Discuss the effect of taxes and subsidies on social welfare
• Explain how the price system works and define price ceilings and price floors
• Assess arguments against trade and why trade is important
• Discuss the labour market