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Microeconomics: Supply, Demand, and Taxes

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Microeconomics: Supply, Demand, and Taxes
  • Description
  • Outcome
  • Certification
  • What makes an economy bad or good? Why do we pay taxes? What drives supply and demand? These are the questions that we will ask and answer in the Alison course, Microeconomics: Supply, Demand, and Taxes.

    First, you will explore how people respond to changes in price and discover the relationship between price and quantity supplied. You will learn how prices reach equilibrium, how to read the demand curve, how demand curves shift, and consumer surplus.

    Then, learn about elasticity through real-life scenarios, such as slave redemption in the Sudan, and gun buyback programs in the U.S. Lastly, learn about taxes, tax revenue, and subsidies. Learn why we pay taxes and the function of subsidies, such as wage subsidies and minimum wage.

    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: 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.
    • Define taxes and tax subsidies.
    • 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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