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In this course, you will learn:
- Taking this free microeconomics course will expose you to the economic way of thinking.
- How to apply economics in your daily life and, eventually, see the world differently.
- Go over core microeconomic principles including supply and demand and equilibrium.
- Also address questions like, "How are prices determined?" What did Adam Smith mean when he remarked that the market process functions as a "invisible hand"? How is it that we may get fresh roses on Valentine's Day even in cold cities? We will discuss all of the major issues, including competition, monopoly, pricing discrimination, externalities, public goods, and more.
Syllabus:
- Supply, Demand, and Equilibrium
- Elasticity and Its Applications
- Taxes and Subsidies
- The Price System
- Price Ceilings and Price Floors
- Trade
- Externalities
- Costs and Profit Maximization Under Competition
- Competition and the Invisible Hand
- Monopoly
- Price Discrimination
- Labor Markets
- Public Goods and the Tragedy of the Commons
- Asymmetric Information
- Consumer Choice
