Modules (18) Resources ()
supply, demand, and taxes
Supply, Demand, and EquilibriumResources availableIn this module, you will first explore how people respond to changes in price and discover the relationship between price and quantity supplied. Next, learn how prices reach equilibrium. Then, learn about horizontal and vertical methods for reading the demand curve, how demand curves shift, and consumer surplus. Then, explore important factors that shift the demand curve as well as the supply curve. Lastly, this module will present a case study that explores the equilibrium model.
Supply, Demand, and Equilibrium: Learning OutcomesStart Topic
Introduction to MicroeconomicsStart Topic
The Demand CurveStart Topic
The Supply CurveStart Topic
The Equilibrium Price and QuantityStart Topic
A Deeper Look at the Demand CurveStart Topic
The Demand Curve ShiftsStart Topic
A Deeper Look at the Supply CurveStart Topic
The Supply Curve ShiftsStart Topic
Exploring EquilibriumStart Topic
Does the Equilibrium Model Work?Start Topic
Supply and Demand TerminologyStart Topic
Supply, Demand, and Equilibrium: Lesson SummaryStart Topic
Elasticity and Its ApplicationsResources availableIn this module, learn about determinants of elasticity, the midpoint formula, and how to calculate the elasticity of supply. Then, explore the history of the Sudan civil war and how elasticity relates to the slave redemption. Lastly, learn about how elasticity relates to other scenarios, such as gun buyback programs in the U.S.
Elasticity and Its Applications: Learning OutcomesStart Topic
Elasticity of DemandStart Topic
Office Hours: Elasticity of DemandStart Topic
Calculating the Elasticity of DemandStart Topic
Elasticity of SupplyStart Topic
Elasticity and Slave RedemptionStart Topic
Applications Using ElasticityStart Topic
Elasticity and Its Applications: Lesson SummaryStart Topic
Taxes and SubsidiesResources availableIn this module, you will first learn about taxes, tax revenue, and subsidies. Then, learn about who really pays taxes – buyers or sellers? This will be introduced in conjunction with the notion of social security and health insurance taxes. Then, gain an understanding of why taxes exist and how taxes relate to surplus and deadweight. Lastly, learn about subsidies, such as wage subsidies and minimum wage.
Taxes and Subsidies: Learning OutcomesStart Topic
Commodity TaxesStart Topic
Who Pays the TaxStart Topic
Tax Revenue and Deadweight LossStart Topic
Wage SubsidiesStart Topic
Taxes and Subsidies: Lesson SummaryStart Topic
price and trade
The Price SystemResources availableIn this module, learn about the price system and how people with dispersed knowledge and information help to coordinate global economic activity. Then, learn how markets link the world and how we should approach limited resources. Next, learn about how prices provide information and incentives and signals. Lastly, learn about speculation and futures and the effect they have on prices.
The Price System: Learning OutcomesStart Topic
I, RoseStart Topic
A Price is a Signal Wrapped up in an IncentiveStart Topic
Markets Link the WorldStart Topic
The Great Economic ProblemStart Topic
Information and IncentivesStart Topic
Prediction MarketsStart Topic
The Price System: Lesson SummaryStart Topic
Price Ceilings and Price FloorsResources availableIn this module, learn about price ceilings and price floors. Learn how price ceilings create shortages, such as in the oil crisis of the 1970s. Then, learn what the unintended consequences of price ceilings are. Following lessons on price ceilings, you will learn about price floors, such as minimum wage. Lastly, you will learn about how price controls relate to communism.
Price Ceilings and Price Floors: Learning OutcomesStart Topic
Price CeilingsStart Topic
Price Ceilings: Shortages and Quality ReductionStart Topic
Price Ceilings: Lines and Search CostsStart Topic
Price Ceilings: Deadweight LossStart Topic
Price Ceilings: Misallocation of ResourcesStart Topic
Price Ceilings: Rent ControlsStart Topic
Price Floors: The Minimum WageStart Topic
Price Floors: Airline FaresStart Topic
Why Do Governments Enact Price Controls?Start Topic
Price Controls and CommunismStart Topic
Price Ceilings and Price Floors: Lesson SummaryStart Topic
TradeResources availableIn this module, you will learn about specialization and division of knowledge and how this relates to trade. Then, you will learn about comparative advantage. Following this, learn about the costs and consequences of tariffs, quotas, and protectionism. Lastly, learn the common arguments against international trade.
Trade: Learning OutcomesStart Topic
The Big Ideas of TradeStart Topic
Comparative AdvantageStart Topic
Another Look at Comparative AdvantageStart Topic
Comparative Advantage HomeworkStart Topic
Tariffs and ProtectionismStart Topic
Arguments Against International TradeStart Topic
Trade: Lesson SummaryStart Topic
first assessment - microeconomics
First Assessment - MicroeconomicsResources availableIn this module, you will assessed on your understanding of material in the "Supply, Demand and Taxes" "Price and Trade" modules.
First Assessment - MicroeconomicsStart Assessment
ExternalitiesResources availableIn this module, learn about externalities and their costs. Learn about private, external, and social costs. Then, learn about the effects of Pigouvian taxes. Lastly, learn about command and control and the coase theorem.
Externalities: Learning OutcomesStart Topic
An Introduction to ExternalitiesStart Topic
External BenefitsStart Topic
Command and Control SolutionsStart Topic
The Coase TheoremStart Topic
Trading PollutionStart Topic
A Deeper Look at Tradeable AllowancesStart Topic
Externalities: Lesson SummaryStart Topic
Costs and Profit Maximization Under CompetitionResources availableIn this module, learn how companies maximize profits in a competitive marketplace. Then, learn about who really controls the prices of goods and services. Lastly, learn about profit: learn how to calculate total revenue, how to predict profit, and how to minimize losses.
Costs and Profit Maximization Under Competition: Learning OutcomesStart Topic
Introduction to the Competitive FirmStart Topic
Maximizing Profit Under CompetitionStart Topic
Maximizing Profit and the Average Cost CurveStart Topic
Entry, Exit, and Supply Curves: Increasing CostsStart Topic
Entry, Exit, and Supply Curves: Constant CostsStart Topic
Entry, Exit, and Supply Curves: Decreasing CostsStart Topic
Costs and Profit Maximization Under Competition: Lesson SummaryStart Topic
Competition and the Invisible HandResources availableIn the module, you will be introduced to the concept of the Invisible Hand. Learn about balancing production with costs. Then, learn about the processes of creative destruction and the elimination principle, two processes that form the competitive marketplace.
Competition and the Invisible Hand: Learning OutcomesStart Topic
Minimization of Total Industry Costs of ProductionStart Topic
The Balance of Industries and Creative DestructionStart Topic
Competition and the Invisible Hand: Lesson SummaryStart Topic
MonopolyResources availableIn this module, you will learn about monopolies, in particular you will learn about monopolies in the pharmaceutical industry. Learn about the costs and benefits of monopolies. Then, explore the possible results of the elimination of parents in industries with high R&D costs: will this result in less innovation?
Monopoly: Learning OutcomesStart Topic
Maximizing Profit Under MonopolyStart Topic
Office Hours: Calculating Monopoly ProfitStart Topic
The Monopoly MarkupStart Topic
The Costs and Benefits of MonopolyStart Topic
Monopoly: Lesson SummaryStart Topic
Price DiscriminationResources availableIn this module, you will be introduced to the concept of price discrimination. Take part in a discussion whether or not price discrimination is good for society, depending on the output. Then, learn about tying and bundling. Decide whether these processes are forms of price discrimination and whether they are good or bad for social welfare.
Price Discrimination: Learning OutcomesStart Topic
Introduction to Price DiscriminationStart Topic
The Social Welfare of Price DiscriminationStart Topic
Price Discrimination: Lesson SummaryStart Topic
Labor MarketsResources availableIn this module, learn about the marginal product of labor. All of your questions about wages and labor unions will be answered. Learn how to derive the demand for labor based on the marginal product of labor. Furthermore, learn about the value of education and the signals an education creates. In addition, learn about the concept of human capital.
Labor Markets: Learning OutcomesStart Topic
The Marginal Product of LaborStart Topic
Econ Duel: Is Education Signaling or Skill Building?Start Topic
Human Capital and SignalingStart Topic
The Tradeoff Between Fun and WagesStart Topic
Compensating DifferentialsStart Topic
Do Unions Raise Wages?Start Topic
Labor Markets: Lesson SummaryStart Topic
Public Good and the Tragedy of the CommonsResources availableIn this module, we will explore the concept of public goods. Learn about taxation and government provisions, and how this relates to free and forced riders. Then, learn about club goods and how profit can be made off public goods. Lastly, learn about common goods and the tragedy of the commons.
Public Goods and the Tragedy of the Commons: Learning OutcomesStart Topic
Public Goods and Asteroid DefenseStart Topic
A Deeper Look at Public GoodsStart Topic
Club GoodsStart Topic
The Tragedy of the CommonsStart Topic
Public Good and the Tragedy of the Commons: Lesson SummaryStart Topic
Asymmetric InformationResources availableIn this module, you will learn about the theory of adverse selection, asymmetric information, and propitious selection. This will include discussions on asymmetrical information regards to buying cars and health insurance. You will also be introduced to the concept of moral hazard and solutions to avoiding it.
Asymmetric Information: Learning OutcomesStart Topic
Asymmetric Information and Used CarsStart Topic
Asymmetric Information in Health InsuranceStart Topic
Moral HazardStart Topic
Solutions to Moral HazardStart Topic
Asymmetric Information: Lesson SummaryStart Topic
Consumer ChoiceResources availableIn this module, learn about consumption, utility, and substitution. Understand how much value you receive from a good or service and at what point that this value begins to diminish. Additionally, understand the meaning of a budget line and an indifference curve and how you can combine these to get maximum utility.
Consumer Choice: Learning OutcomesStart Topic
Introduction to Consumer ChoiceStart Topic
Budget ConstraintsStart Topic
Indifference CurvesStart Topic
Consumer OptimizationStart Topic
Consumer Choice: Lesson SummaryStart Topic
second assessment - microeconomics
Second Assessment - MicroeconomicsResources availableIn this module, you will assessed on your understanding of material in the Competition and the Consumer modules.
Second Assessment - MicroeconomicsStart Assessment
course assessment: Diploma in Economics: Microeconomics
Course assessmentResources available