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Microeconomics: Supply, Demand, and Equilibrium

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

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

Description

Modules

Outcome

Certification

View course modules

Description

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.

Certification

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.

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