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Microeconomics


Language: English Description: Building on the foundations developed in Macroeconomics, this course in Microeconomics offers students a more in-depth look at various markets and how consumers interact. Students will begin to understand how even the concepts studied at the macro level are applicable on the smallest of scales as certain economic principles are just that concrete. Throughout the course, students will gain a thorough understanding of how markets self-correct and/or what needs to happen in order for common problems to be resolved. Students will study the both the public and private sectors, price movements depending on supply and demand principles as well as the effects of and on export and import levels. With a constant eye toward scarcity of resources, students will explore various accepted models from well-known economists, evaluate government action or inaction, analyze the impact of tax policy and income distribution. The foundation students will gain from completing this course in Microeconomics is sure to serve them for years to come regardless of their current or future profession. The purpose of the course, offered by our accredited school partners, is for students to develop a logical, conceptual, and analytical understanding of microeconomic principles. This course introduces foundational concepts of economic principles, such as opportunity costs and supply and demand, and explores primary microeconomic principles, including efficiency and fairness in markets, government actions and their impacts, the decisions that consumers and producers make, different market structures from perfect competition to monopoly, and factor markets and income distribution. Students are presented with real-world contemporary examples that apply theory to practice, demonstrating the relevance of microeconomic thought. Enroll through one of our accredited university or college partners today! Instructor Description: This class supported by an Educational Mentor. Educational mentors have worked or are working in the subject they mentor. Educational Mentors review student work, student progress, and interact with students as needed. They respond to any questions or concerns you might have, as well as encouraging and motivating you to succeed. Requirements This course does not require any additional purchases of supplementary materials. Show Syllabus Hide Syllabus Lesson 1 Microeconomics Module 1 A World of Scarce Resources • Economics Defined • Importance of Studying Economics • Microeconomics versus Macroeconomics • Using Theories and Models to Understand Economics • Overview of Economic Systems • Individual Choices and Budget Constraints • Production Possibilities Frontier • Social Choices • Objections to the Economic Approach Microeconomics Module 2 Supply, Demand, Labor, and Markets • Market Demand, Supply, and Equilibrium • Shifts in Demand and Supply for Goods and Services • Four-Step Process for Equilibrium Changes • Price Ceilings • Price Floors • Demand, Supply, and Efficiency • Labor Market Demand and Supply • Financial Market Demand and Supply • Market System as an Efficient Mechanism for Information Microeconomics Module 3 Elasticity and Consumer Choices • Price Elasticity of Demand • Price Elasticity of Supply • Polar Cases of Elasticity • Constant Elasticity • Elasticity and Pricing • Elasticity in Other Areas • Impact of Income and Price on Consumption • Labor-Leisure Choices • Behavioral Economics Microeconomics Module 4 Cost, Industry Structure, and Perfect Competition • Explicit and Implicit Costs • Accounting Profit versus Economic Profit • Short Term Structure of Costs • Long Term Structure of Costs • Perfect Competition • Output Decisions in Perfectly Competitive Firms • Long Term Entry and Exit Decisions • Efficiency in Perfectly Competitive Markets Microeconomics Module 5 Monopolies • Monopolies • How Monopolies Form • Barriers to Entry • Choosing Output in a Profit-Maximizing Monopoly • Choosing Price in a Profit-Maximizing Monopoly • Monopolistic Competition • Oligopoly Microeconomics Module 6 Antitrust, Environmental Protection, and Negative Externalities • Monopoly and Antitrust Policy • Corporate Mergers • Regulating Anticompetitive Behavior • Regulating Natural Monopolies • Great Deregulation Experiment • Economics of Pollution • Command-and-Control Regulation • Market-Oriented Environmental Tools • Benefits and Costs of Environmental Laws • International Environmental Issues • Economic Output versus Environmental Protection Microeconomics Module 7 Positive Externalities and Economic Inequality • Positive Externalities • Under Investment in Innovation • How Governments Encourage Innovation • Public Goods • Theory of Labor Markets • Wages and Unemployment Unions • Bilateral Monopoly • Employment Discrimination • Immigration Microeconomics Module 8 Poverty, Economic Inequality, and Risk • Poverty Trap • Safety Net • Income Inequality • Government Policies to Reduce Income Inequality • Information • Risk Insurance Microeconomics Module 9 Financial Markets and the Public Economy • Financial Markets • Raising Financial Capital • Household Financial Capital • Accumulating Personal Wealth • Public Economy • Voter Participation • Costs of Elections • Special Interest Politics • Flaws in Democratic Government Microeconomics Module 10 International Trade, Globalization, and Protectionism • Absolute Advantage • Comparative Advantage • Intra-industry Trade between Similar Economies • Benefits of Reducing International Trade Barriers • Protectionism • Effects of International Trade on Jobs, Wages, and Working Conditions • Arguments for Restricting Imports • How Trade Policy Is Enacted • Tradeoffs of Trade Policy Hide Syllabus
Course ID/# : 1372/2810287
Tuition: $695.00

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