Learn the basics of microeconomics, including supply and demand of commodities and how equilibrium in the market affects price in this popular demand online microeconomics course from MIT. In this microeconomics online course you will learn how economic decisions are made and the factors that affect prices, demand and supply supply of goods and services within the society. This is an Introduction to economics course that teaches the principles of microeconomics to first year and second year university students studying any social science or management discipline. The economics online course serves as a supplement to university students taking a course in basics of microeconomics.
About this Introduction to Economics, Microeconomics online course
A country’s economy consists of three major economic agents; consumers, firms and government. Analyzing the choices made by these economic agents is one of the main subjects of microeconomics.
In this microeconomics online course, you will learn how the decisions made by economic agents are represented in the market as demand and supply of commodities. You will also learn about equilibriums in the market, which is when the quantity demanded is equal to the quantity supplied. The derivation of this equilibrium is another main focus of microeconomics. By deriving an equilibrium in a market, we can see at which level the price will be and how much of a transaction will occur.
Since this is an introductory economics course at the most elementary level, no prior knowledge of economics is needed. Anyone who is interested in economics is welcome to take this course.
What you’ll learn
- Basic economic concepts and elementary analytical skills
- How to analyze the choices of consumers, firms and government
- How to determine demand and supply of commodities
- The derivation of equilibrium in the market and its affect on price
Week 1: What is Economics?
Week 2: Demand, Supply and an Equilibrium in the Market
Week 3: Choices of Consumers and Firms
Week 4: Commodity Markets and Competition
Week 5: Factor of Production Markets and Income Distribution
Week 6: Game Theory and Information Economics
Week 7: Markets and Government