Supply, Demand, and Equilibrium - Online Microeconomics Course | Alison

Microeconomics: Supply, Demand, and Equilibrium

Learn about supply, demand, and taxes, and how they impact the economy with this free online microeconomics course.

Free Course
This free online microeconomics course teaches you about supply, demand, and equilibrium. You will learn how every economy is driven by the supply of goods and services, how prices help coordinate market activity, and how people respond to changes in price. You will also study the relationship between price and supply, examine the elasticity of supply and demand, and gain a strong understanding of the essential subjects of taxes and subsidies.





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This online course will first introduce you to microeconomics where you will learn how individuals and businesses impact the economy. You will study the principles of microeconomics and important factors that shift the demand curve as well as the supply curve. You will study the relationship between price and quantity supplied and learn how prices reach equilibrium. The course will also present a case study that explores the equilibrium model.

You will then study the determinants of elasticity, the midpoint formula, and how to calculate the elasticity of supply. This will help you measure how much one variable responds to changes in another variable. The course also covers the history of the Sudan civil war and show how elasticity relates to slave redemption. Lastly, you will learn how elasticity relates to other scenarios, such as the gun buyback programs in the U.S.

This course is the first in a series of four courses on Microeconomics offered by Alison. It will help you learn about the building blocks of how the economy functions as well as understand the behavior of individuals and businesses which drives the economy. It will also teach you how decisions are made based on the allocation of limited resources. So, have a look at the course today and give your professional skills and knowledge base a solid boost in no time.

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Learning Outcomes

After completing this course, you will be able to:

  • Define the terms demand curve and supply curve.
  • Identify the factors that may create a shift in supply or demand.
  • Define equilibrium quantity and equilibrium price.
  • Explain how surplus is created and calculate consumer surplus.
  • Define elasticity and list determinants of elasticity.
  • Explain the midpoint formula and use the midpoint formula to calculate the elasticity of supply.
  • Discuss who bears the burden of taxes, particularly in reference to social security, wage subsidies, and affordable healthcare.
  • Define and discuss deadweight loss.


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