Free online coursePrinciples of Microeconomics

Course Description

Embark on a comprehensive journey into the world of economics with "Principles of Microeconomics" course. Designed to deliver a robust understanding of the fundamental concepts, this course extends over a period of 20 hours and 41 minutes and offers a deep dive into the intricate mechanisms that drive economic systems. As part of the Basic Studies category, this course is particularly tailored for those new to the field of Economics, providing a springboard for more advanced studies and real-world application.

The course begins with an introduction to the core principles of supply, setting the stage for more complex topics to come. From there, participants explore preferences and utility functions, essential for understanding consumer behavior and decision-making. The concept of budget constraints is then introduced, along with constrained choice, which examines how individuals make optimal decisions given their financial limitations.

A significant focus is placed on demand curves and the effects of income and substitution, elucidating how various factors influence consumer demand. The course delves into production theory, examining the processes by which goods and services are created, and provides a thorough analysis of production costs. Competition in various market structures is explored in two detailed segments, shedding light on the dynamics of competitive markets.

Participants gain a deep understanding of supply and demand interactions and their implications for welfare economics. The course also investigates the nature of monopolies through two focused modules, providing insights into the behavior and impact of single firms dominating a market. Oligopoly scenarios are examined in subsequent lessons, highlighting the strategic interactions between a few dominant firms.

The intricacies of input markets, particularly the labor market and capital, are examined next, followed by a discussion on how individuals make economic choices over time, including strategies for increasing savings. The course also tackles international trade, analyzing its effects on welfare and policy.

Uncertainty and its repercussions on economic decisions are discussed, alongside a balanced exploration of efficiency and equity in economic systems. The course delves into the role of government intervention, particularly through redistribution and taxation, and discusses various types of market failures, including externalities and informational asymmetry. A dedicated module on health economics wraps up the curriculum, providing a relevant context for the application of microeconomic principles in the health sector.

Though currently unrated, "Principles of Microeconomics" promises a well-rounded educational experience, meticulously guiding participants through the essential aspects of microeconomics. Whether you are a beginner aiming to build a solid foundation or someone interested in a thorough refresher, this course offers valuable insights into the economic forces that shape our world.