Principles of Microeconomics

Principles of Microeconomics introduces the basic concepts and principles used to understand how individuals, businesses, and markets make economic decisions. The course covers supply and demand, consumer behavior, production, costs, market structures, pricing, and the role of government in the economy.

You will learn how economic choices are influenced by limited resources, incentives, prices, and market conditions. The course also helps you understand how businesses make production and pricing decisions and how different types of markets affect consumers and producers.

Description

Understand the basic principles and concepts of microeconomics
Learn about scarcity, opportunity cost, and economic decision-making
Understand how supply and demand determine market prices
Analyze changes in equilibrium price and quantity
Learn about elasticity and how it affects consumers and businesses
Understand consumer behavior and utility
Learn how businesses make production and pricing decisions
Understand fixed costs, variable costs, average costs, and marginal costs
Explore different market structures, including perfect competition, monopoly, monopolistic competition, and oligopoly
Understand how firms determine output and profit
Learn about consumer surplus and producer surplus
Understand market efficiency and economic welfare
Explore market failures, including externalities and public goods
Learn how government policies, taxes, subsidies, and price controls affect markets
Apply microeconomic concepts to real-world business and economic situations