By the end of 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 the determinants of elasticity
• Explain the midpoint formula and use it to calculate the elasticity of supply
• Define 'taxes' and 'tax subsidies'
• Discuss who bears the burden of taxes, particularly regarding social security, wage subsidies, and affordable healthcare
• Define and discuss 'deadweight loss'

By the end of this course, you will be able to:

• Discuss supply, demand, and equilibrium
• Explain elasticity and its applications
• Discuss externalities
• Calculate profit
• Discuss monopolies
• Explain price discrimination
• Compare public, private, and common goods
• Explain asymmetric information and moral hazard
• Discuss the effect of taxes and subsidies on social welfare
• Explain how the price system works and define price ceilings and price floors
• Assess arguments against trade and why trade is important
• Discuss the labour market

After completing this course, you will be able to:

• Explain the price system and define prices
• Discuss how markets link people and places
• Define speculation, futures and predictions markets
• Explain how prediction markets can help businesses, governments and scientists
• Define a 'price ceiling' and a 'price floor'
• Explain the unintended consequences of price ceilings
• Explain why governments enact price controls and discuss how price controls relate to Communism
• Discuss the benefits of trade and define protectionism, tariffs and quotas
• Explain the common arguments against international trade

By the end of this course, you will be able to:

• Define private, external, social costs and Pigouvian taxes
• Discuss externalities, both costs and benefits
• Explain social surplus, fixed costs, variable costs, marginal costs, zero costs and sunk costs
• Compare increasing, decreasing and constant cost industries
• Discuss when it is best to enter or exit an industry
• Explain the properties of the invisible hand of the market
• Discuss creative destruction
• Define the elimination principle
• Discuss how monopolies create markups

By the end of this course, you will be able to:

• Explain price discrimination and discuss how it can help or hurt social welfare
• Define and discuss 'tying' and 'bundling'
• Discuss the marginal product of labour
• Discuss how unions can either lower or raise wages
• Distinguish 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' and discuss ways that it can be avoided
• Define 'consumption', 'utility' and 'substitution'
• Explain the marginal rate of substitution and describe the indifference curve