CertificationView course modules
What is the purpose of the price system? Why is trade crucial to an economy? Learn all about how the price system helps to coordinate global economic activity.
First, learn about how a price is a signal wrapped up in a signal and how we should approach limited resources. Furthermore, learn how speculation and futures effect the price of goods, such as orange juice and gasoline. Then, explore price ceilings and price floors. Learn how price controls create shortages, as well as other unintended sequences.
Lastly, learn how specialization and division of knowledge relates to trade. Learn about the typical arguments against trade and how these arguments can be refuted.
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.
PREREQUISITE: Microeconomics: Supply, Demand, and Equilibrium;
This course is the second in a series of four courses on Microeconomics.Start Course Now
After completing this course, you will be able to:
- Explain the price system and define prices.
- Discuss how markets link people and places.
- Define speculation, futures, and predictions markets.
- Explain how prediction markets can help businesses, governments, and scientists.
- Define a price ceiling and a price floor.
- Explain the unintended consequences of price ceilings.
- Explain why governments enact price controls and discuss how price controls relate to communism.
- Discuss the benefits of trade and define protectionism, tariffs, and quotas.
- Explain the common arguments against international trade.
All Alison courses are free to enrol, study and complete. To successfully complete this Certificate course and become an Alison Graduate, you need to achieve 80% or higher in each course assessment. Once you have completed this Certificate 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:
Ideal for sharing with potential employers - include it in your CV, professional social media profiles and job applications
An indication of your commitment to continuously learn, upskill and achieve high results
An incentive for you to continue empowering yourself through lifelong learning
Alison offers 3 types of Certification for completed Certificate courses:
Digital Certificate - a downloadable Certificate in PDF format, immediately available to you when you complete your purchase
Certificate - a physical version of your officially branded and security-marked Certificate, posted to you with FREE shipping
Framed Certificate - a physical version of your officially branded and security-marked Certificate in a stylish frame, posted to you with FREE shipping
All Certification is available to purchase through the Alison Shop. For more information on purchasing Alison Certification, please visit our faqs. If you decide not to purchase your Alison Certification, you can still demonstrate your achievement by sharing your Learner Record or Learner Achievement Verification, both of which are accessible from your Dashboard. For more details on our Certification pricing, please visit our Pricing Page.