Free online courseMicroeconomics: Basic Economics Concepts

Course Description

Welcome to the course "Microeconomics: Basic Economics Concepts." This comprehensive program is designed to provide a solid foundation in microeconomics, covering essential topics that are crucial for understanding the behavior of individuals and firms in the economy.

Spanning over 7 hours and 39 minutes, this course takes a deep dive into the fundamentals of microeconomics. It begins with an introduction to basic economic concepts, allowing you to grasp the core principles that underpin all economic analysis. From the fundamentals to more intricate theories, the course ensures a gradual and thorough understanding of microeconomic concepts.

One of the highlights is the focus on "Thinking Like An Economist," which encourages students to adopt the analytical mindset that economists use to interpret various economic phenomena. This segment helps in developing critical thinking skills and the ability to apply economic models to real-world situations.

The course also examines different economic systems, with intriguing discussions like "Why is Communist China doing so well?" It contrasts various approaches to economic organization and delves into the implications of these systems on economic outcomes and development.

As part of the learning journey, you will explore the Production Possibilities Curve, a fundamental concept that illustrates the trade-offs and opportunity costs of different production decisions. This is further reinforced with a review and comparative practice exercises to solidify your understanding.

Understanding trade and comparative advantage is crucial for any economist. This course provides detailed explanations and practical hacks for mastering these concepts. It also includes exercises on terms of trade and cost-benefit analysis, giving you hands-on practice to improve your analytical skills.

A unique feature of this course is the use of "EconMovies," where popular movies are used to illustrate economic principles. From "Hunger Games" to "Star Wars," these engaging segments bring economic theories to life, making learning both fun and memorable.

Delving into the workings of the economy, the course explains the circular flow matrix and its significance in understanding economic interactions. Additionally, it covers the crucial topics of supply and demand, along with elasticity. You'll engage in various practice sessions and tips to master these essential concepts.

The course does not shy away from complex topics such as government intervention, international trade, and market mechanisms. Lessons on consumer and producer surplus, taxes on producers, and supply and demand activities provide a comprehensive view of how markets function and the roles of different economic agents.

The section on production and cost analysis offers valuable insights into the production function, short-run costs, and economies of scale. This part of the course equips you with the knowledge to analyze the cost structures and profit maximization strategies within different market structures.

In addition to theoretical understanding, the course emphasizes practical application through numerous practice questions and classroom activities, such as the "Four Market Structures Candy Simulation." These activities are designed to reinforce learning and ensure that you can apply economic concepts effectively.

By the end of this course, you will have a comprehensive understanding of microeconomic principles, enabling you to analyze and interpret economic data and make informed decisions. Whether you are a beginner or looking to refresh your knowledge, this course is the perfect starting point for anyone interested in the field of economics.

Embark on this educational journey and build a strong foundation in microeconomics that will serve you well in your academic and professional endeavors.