Microeconomics ? Online Economics Diploma Course

This free online economics diploma course teaches you about Microeconomics. You will learn about the important dynamics of microeconomics and get insightful answers to everyday questions such as why is customer service at your local restaurant is usually better than that of the cable company. Economics is much more than the study of numbers and graphs, this course will teach you how to apply economic thought to your daily life.

What You Will Learn In This Free Course

Supply, Demand, and Equilibrium

In this module, you will first explore how people respond to changes in price and discover the relationship between price and quantity supplied. Next, learn how prices reach equilibrium. Then, learn about horizontal and vertical methods for reading the demand curve, how demand curves shift, and consumer surplus. Then, explore important factors that shift the demand curve as well as the supply curve. Lastly, this module will present a case study that explores the equilibrium model.

Elasticity and Its Applications

In this module, learn about determinants of elasticity, the midpoint formula, and how to calculate the elasticity of supply. Then, explore the history of the Sudan civil war and how elasticity relates to the slave redemption. Lastly, learn about how elasticity relates to other scenarios, such as gun buyback programs in the U.S.

Taxes and Subsidies

In this module, you will first learn about taxes, tax revenue, and subsidies. Then, learn about who really pays taxes ? buyers or sellers? This will be introduced in conjunction with the notion of social security and health insurance taxes. Then, gain an understanding of why taxes exist and how taxes relate to surplus and deadweight. Lastly, learn about subsidies, such as wage subsidies and minimum wage.

The Price System

In this module, learn about the price system and how people with dispersed knowledge and information help to coordinate global economic activity. Then, learn how markets link the world and how we should approach limited resources. Next, learn about how prices provide information and incentives and signals. Lastly, learn about speculation and futures and the effect they have on prices.

Price Ceilings and Price Floors

In this module, learn about price ceilings and price floors. Learn how price ceilings create shortages, such as in the oil crisis of the 1970s. Then, learn what the unintended consequences of price ceilings are. Following lessons on price ceilings, you will learn about price floors, such as minimum wage. Lastly, you will learn about how price controls relate to communism.

Trade

In this module, you will learn about specialization and division of knowledge and how this relates to trade. Then, you will learn about comparative advantage. Following this, learn about the costs and consequences of tariffs, quotas, and protectionism. Lastly, learn the common arguments against international trade.

First Assessment – Microeconomics

In this module, you will assessed on your understanding of material in the “Supply, Demand and Taxes” “Price and Trade” modules.; Module

Externalities

In this module, learn about externalities and their costs. Learn about private, external, and social costs. Then, learn about the effects of Pigouvian taxes. Lastly, learn about command and control and the coase theorem.

Costs and Profit Maximization Under Competition

In this module, learn how companies maximize profits in a competitive marketplace. Then, learn about who really controls the prices of goods and services. Lastly, learn about profit: learn how to calculate total revenue, how to predict profit, and how to minimize losses.

Competition and the Invisible Hand

In the module, you will be introduced to the concept of the Invisible Hand. Learn about balancing production with costs. Then, learn about the processes of creative destruction and the elimination principle, two processes that form the competitive marketplace.

Monopoly

In this module, you will learn about monopolies, in particular you will learn about monopolies in the pharmaceutical industry. Learn about the costs and benefits of monopolies. Then, explore the possible results of the elimination of parents in industries with high R&D costs: will this result in less innovation?

Price Discrimination

In this module, you will be introduced to the concept of price discrimination. Take part in a discussion whether or not price discrimination is good for society, depending on the output. Then, learn about tying and bundling. Decide whether these processes are forms of price discrimination and whether they are good or bad for social welfare.

Labor Markets

In this module, learn about the marginal product of labor. All of your questions about wages and labor unions will be answered. Learn how to derive the demand for labor based on the marginal product of labor. Furthermore, learn about the value of education and the signals an education creates. In addition, learn about the concept of human capital.

Public Good and the Tragedy of the Commons

In this module, we will explore the concept of public goods. Learn about taxation and government provisions, and how this relates to free and forced riders. Then, learn about club goods and how profit can be made off public goods. Lastly, learn about common goods and the tragedy of the commons.

Asymmetric Information

In this module, you will learn about the theory of adverse selection, asymmetric information, and propitious selection. This will include discussions on asymmetrical information regards to buying cars and health insurance. You will also be introduced to the concept of moral hazard and solutions to avoiding it.

Consumer Choice

In this module, learn about consumption, utility, and substitution. Understand how much value you receive from a good or service and at what point that this value begins to diminish. Additionally, understand the meaning of a budget line and an indifference curve and how you can combine these to get maximum utility.

Second Assessment – Microeconomics

In this module, you will assessed on your understanding of material in the Competition and the Consumer modules.; Module

Course assessment