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Microeconomics: Supply, Demand, and Equilibrium

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Microeconomics: Supply, Demand, and Equilibrium
  • Description
  • Outcome
  • Certification
  • What drives supply for goods and services? What about demand? How do prices help coordinate market activity? These are the sorts of questions that we’ll explore in this Alison course on microeconomics.

    In this introductory course, you’ll learn some of the fundamental concepts in economics. You’ll discover the relationship between prices, demand, and supply – and how both consumers and suppliers respond to price changes. You’ll get to try your hand at reading demand and supply graphs and learn the factors that cause their curves to shift. You’ll also explore the concept of market equilibrium: where supply and demand intersect.

    By the end, you’ll walk away grasping the building blocks of how the economy functions. And you’ll be ready to take on more challenging economic material!

    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 the basics of how the economy works. 

    PREREQUISITE: This course first in a series of four courses on Microeconomics.

     

  • 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.

  • All Alison courses are free to study. To successfully complete a course you must score 80% or higher in each course assessments. Upon successful completion of a course, you can choose to make your achievement formal by purchasing an official Alison Diploma, Certificate or PDF.

    Having an official Alison document is a great way to celebrate and share your success. It is:

    • Ideal to include with CVs, job applications and portfolios
    • A way to show your ability to learn and achieve high results

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