Course Summary
Learn the fundamental principles of microeconomics in this course. Discover how individuals and firms make decisions regarding the allocation of resources and the production and distribution of goods and services.Key Learning Points
- Understand how markets work and how prices are determined
- Learn about consumer behavior and decision making
- Explore the theory of the firm and production costs
Job Positions & Salaries of people who have taken this course might have
- USA: $66,000
- India: ₹8,50,000
- Spain: €30,000
- USA: $66,000
- India: ₹8,50,000
- Spain: €30,000
- USA: $63,000
- India: ₹6,50,000
- Spain: €28,000
- USA: $66,000
- India: ₹8,50,000
- Spain: €30,000
- USA: $63,000
- India: ₹6,50,000
- Spain: €28,000
- USA: $65,000
- India: ₹6,00,000
- Spain: €30,000
Related Topics for further study
Learning Outcomes
- Understand the principles of microeconomics and how they apply to real-world situations
- Analyze market behavior and make informed decisions as a consumer or producer
- Evaluate production costs and make cost-effective decisions
Prerequisites or good to have knowledge before taking this course
- Basic math skills
- Familiarity with graphs and charts
Course Difficulty Level
BeginnerCourse Format
- Online
- Self-paced
Similar Courses
- Macroeconomics Principles
- Financial Markets
Related Education Paths
Related Books
Description
We make economics decisions every day: what to buy, whether to work or play, what to study. We respond to markets all the time: prices influence our decisions, markets signal where to put effort, they direct firms to produce certain goods over others. Economics is all around us.
Outline
- The Concept of Scarcity
- The Power of Markets: Introduction
- 1.1.1 Opportunity Cost: Introduction
- 1.1.2 Opportunity Cost: The Cost of Education
- 1.1.3 Opportunity Cost: Numeric Example 1
- 1.1.4 Opportunity Cost: Numeric Example 2
- 1.1.5 Opportunity Cost: Numeric Example3
- 1.1.6 Opportunity Cost: Numeric Example 4
- 1.2.1 Scarcity: Introduction
- 1.2.2 Production Possibilities Frontier: Definition
- 1.2.3 Allocative Efficiency: Defining Marginal Cost and Marginal Benefit
- 1.2.4 Allocative Efficiency: When Marginal Cost Equals Marginal Benefit
- 1.2.5 Production Possibilities Frontier: Graphical Approach
- 1.2.6 Production Possibilities Frontier: Numerical Example
- 1.2.7 Production Possibilities Frontier: Understanding the Slope
- 1.2.8 Production Possibilities Frontier: Modeling Technological Change and Growth
- 1.2.9 Allocative Efficiency: Graphical Approach 1
- 1.2.10 Allocative Efficiency: Graphical Approach 2
- Additional Readings: General Suggestions
- Participate in a Purdue Research Project (Optional)
- Additional Readings: Week 1
- Opportunity Cost
- Production Possibility Frontier (PPF)
- Production Possibilities Frontier and Growth
- Specialization & Trade
- 2.1.1 Markets and Trade: Introduction
- 2.2.1 Comparative Advantage: Numerical Example 1 - Set up
- 2.2.2 Comparative Advantage: Numerical Example 2 - Individual PPFs
- 2.2.3 Comparative Advantage: Numerical Example 3 - Joint PPF
- 2.2.4 Comparative Advantage: Numerical Example 4 - Joint PPF Completed
- 2.3.2 Comparative Advantage: Definition
- 2.2.5 Comparative Advantage: Numerical Example 5 - Gains from Specialization
- 2.2.6 Comparative Advantage: Numerical Example 6
- 2.2.7 Comparative Advantage: Numerical Example 7
- 2.3.1 Absolute Advantage: Definition
- 2.4.1 Gaining from Specialization Through Trade
- 2.4.2 Gaining from Specialization: The Consumption Possibilities Frontier
- 2.4.3 Gaining from Specialization: General Graphical Approach
- 2.4.4 Gaining from Specialization: Imports and Exports
- Additional Readings: Week 2
- Comparative Advantage
- Trade
- Supply and Demand
- 3.1.1 Supply & Demand: Introduction
- 3.1.2 The Demand Curve
- 3.1.3 Shifts of Demand: Part 1
- 3.1.4 Shifts of Demand: Part 2
- 3.1.5 The Supply Curve
- 3.1.6 Shifts of Supply: Part 1
- 3.1.7 Shifts of Supply: Part 2
- 3.1.8 Market Equilibrium: Definition
- 3.1.9 Market Equilibrium: Understanding Who Buys and Who Sells
- 3.1.10 The Invisible Hand: Part 1
- 3.1.11 The Invisible Hand: Part 2
- 3.1.12 Changes in Demand: Effect on Market Equilibrium
- 3.1.13 Changes in Supply: Effect on Market Equilibrium
- 3.1.14 Simultaneous Changes in Demand & Supply: Effect on Market Equilibrium
- 3.1.15 Supply & Demand: Conclusion
- Additional Readings: Week 3
- The Demand Curve
- The Supply Curve
- Market Equilibrium
- A Change in Market Equilibrium
- Understanding Markets: Elasticities, Market Surplus, Efficiency, and Equity
- 4.1.1 Elasticity: Introduction
- 4.1.2 Elasticity of Demand
- 4.1.3 What Affects Elasticity of Demand
- 4.1.4 Perfectly Inelastic and Perfectly Elastic Demand
- 4.1.5 Elasticity Along a Straight Line Demand Curve
- 4.1.6 Elasticity and Revenue: Part 1
- 4.1.7 Elasticity and Revenue: Part 2
- 4.1.8 Unit Elastic Demand Curve
- 4.1.9 Cross Price Elasticity: Complements vs. Substitutes
- 4.1.10 Income Elasticity: Normal vs. Inferior Goods
- 4.1.11 Elasticity of Supply
- 4.1.12 Elasticity: Summary
- 4.2.1 Efficiency & Equity: Introduction
- 4.2.2 Consumer Surplus
- 4.2.3 Producer Surplus
- 4.2.4 Maximizing Total Surplus
- 4.2.5 T.S. at a Quantity Greater Than Equilibrium Quantity
- 4.2.6 T.S. at a Quantity Smaller Than Equilibrium Quantity
- 4.2.7 Efficiency & Equity: Conclusion
- 4.2.8 Price Ceiling
- 4.2.9 Price Floors: The Case of Minimum Wage
- 4.2.10 Calculating Total Surplus: Numerical Example
- 4.2.11 Price Ceilings: A Numerical Example
- Additional Readings: Week 4
- Elasticity of Demand
- Elasticity of Demand & Revenue
- Other Elasticity Terms
- Consumer and Producer Surplus
- When Government Intervenes
- 5.1.1 Government Intervention: Introduction
- 5.1.2 Modeling a Tax
- 5.1.3 Modeling a Tax: Graphically Interpretation
- 5.1.4 Consequence of a Tax on Consumer and Producer Surplus
- 5.1.5 Consequence of a Tax on Total Surplus
- 5.1.6 Dead Weight Loss
- 5.1.7 Tax Incidence
- 5.1.8 Tax in Extreme Cases of Demand Elasticity
- 5.1.9 Tax in Extreme Cases of Elasticity of Supply
- 5.1.10 Taxes: Summary
- 5.1.11 Modeling a Subsidy
- 5.1.12 Consequence of a Subsidy on Total Surplus
- 5.1.13 Subsidy: Summary
- 5.1.14 Taxes: Numerical Example Part 1
- 5.1.15 Taxes: Numerical Example Part 2
- The Power of Markets: Conclusion
- Additional Readings: Week 5
- Price Intervention
- Taxes
- Subsidies
- Government Intervention
- Final Exam
Summary of User Reviews
Coursera's microeconomics course has received positive reviews from learners, with many praising its comprehensive coverage and engaging teaching style. One key aspect that users appreciated was the course's emphasis on real-world examples and applications.Pros from User Reviews
- Comprehensive coverage of microeconomics topics
- Engaging teaching style
- Real-world examples and applications
- Interactive quizzes and assignments
- Flexible schedule and pacing
Cons from User Reviews
- Some users found the course material to be challenging
- Limited interaction with instructors
- Lack of personalized feedback
- High workload for some learners
- Not suitable for beginners without prior knowledge of microeconomics
Rebecca Stein
4.7 Raiting
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