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Microeconomics: The Consumer

Learn about the role the consumer plays in the structure of the economy with the help of this microeconomics course.

Economics
Free Course
The consumer plays an important role in the structure of the economy. This course will teach you how everything from age to your education affects the prices you pay or the wages you earn. You will learn about price discrimination, labor markets including marginal product of labor, wages and labor unions, taxation and government provisions, public good and the Tragedy of Commons, asymmetric information, consumer choice, and more.

Description

Modules

Outcome

Certification

View course modules

Description

First, you will be introduced to the concept of price discrimination. You will learn the meaning of perfect price discrimination and look into tying and bundling. You will study the marginal product of labor, human capital, and unions. You will learn that unions can be useful in protecting workers and maintaining good employee relationships. The course will also discuss how work stoppages and strikes can slow down economic growth.

You will then study public goods. You will learn the difference between free riders and forced riders as well as the meaning of tragedy of the commons. You will also look into the theory of adverse selection, asymmetric information, and propitious selection as well as learn how to reduce the occurrence of moral hazard. The course will also discuss the concepts of consumption, utility, budget line, substitution, and indifference curve.

This course is the last in a series of four courses on Microeconomics. If you have finished studying the Microeconomics: Supply, Demand, and Equilibrium, the Microeconomics: Price and Trade, and the Microeconomics: Competition in the Marketplace, this course will wrap up your journey in our microeconomics series. By taking these courses, you will significantly improve your understanding of the economy in such a way that will allow you to boost your business in no time. Check out the course today, and learn something powerful.

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Learning Outcomes

After completing this course, you will be able to:


  • Explain price discrimination and discuss how price discrimination can help or hurt social welfare.
  • Define and discuss tying and bundling.
  • Discuss the marginal product of labor.
  • Discuss how unions can either lower or raise wages.
  • Differentiate between non-rival, non-excludable, rival, and excludable goods and resources.
  • Define public, club, and common goods.
  • Discuss free and forced riders.
  • Define adverse selection and asymmetrical information.
  • Define moral hazard discuss ways that moral hazard can be avoid.
  • Define consumption, utility, and substitution.
  • Explain the marginal rate of substitution and describe the indifference curve.

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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