Difference between revisions of "Introduction to principles of microeconomics/Course description"

Revision as of 03:03, 4 July 2016

• Course name: Introduction to Principles of Microeconomics

Before we dive into the principles of microeconomics, we need to define some of the major ideas that lie at the heart of economics. What, for example, is the economic way of thinking? What do economists mean when they throw around terms like market structure and the invisible hand?

Here you will learn to identify and define these terms before addressing the driving principle behind microeconomics: the idea that individuals and firms (economic agents) make rational choices based on self-interest. These decisions are necessary, because all resources are scarce. In other words, no good or item is infinitely available.

You will also be introduced to a number of economic models, the assumptions and constraints associated with each, and the ways they help us better understand real-life situations.

Course metrics

• Approximate learning hours: 27 hours
• Course: One of three micro courses for Principles of Microeconomics
• Level: 1st year Bachelor Degree

About Principles of Microeconomics

The purpose of these three micro courses is to provide you with a basic understanding of the principles of microeconomics.

At its core, the study of economics deals with the choices and decisions that have to be made in order to manage scarce resources available to us. Microeconomics is the branch of economics that pertains to decisions made at the individual level, i.e., by individual consumers or individual firms after evaluating resources, costs, and tradeoffs. When we talk about the economy, we are referring to the marketplace or system in which these choices interact with one another.

In these courses, you will learn how and why these decisions are made and how they affect one another in the economy. Each of the following lessons has been designed as a building block, where the concepts you learn in one lesson will enable you to understand the material you discover in the next lesson.

By the end of these courses, you will have a strong grasp on the major issues that face microeconomists, including consumer and producer behavior, the nature of supply and demand, the different kinds of markets and how they function, and the welfare outcomes of consumers and producers. You will also be able to apply the formal principles you learn to real world issues. The scope and emphasis of these courses goes beyond a general understanding of microeconomics to incorporate the core concepts of the overall field of economics.