Microeconomics

This course is used to analyze the manner in which markets resolve a problem that is caused by scarce resources. You will also learn about the role of the government in a market-driven society.

What you’ll learn

  • Students can complete in as little as 30 days.
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Microeconomics

$79

Plus membership

3 Credits

All courses include:

eTextbooks

2 to 3-day turnaround for grading

Multiple chances to improve your grade

On-demand tutoring & writing center

Student support 7 days a week

$79

Plus membership

3 Credits

All courses include:

eTextbooks

2 to 3-day turnaround for grading

Multiple chances to improve your grade

On-demand tutoring & writing center

Student support 7 days a week

Microeconomics

$79

Plus membership

3 Credits

About This Course

|
ACE Approved 2021

Our Microeconomics online course analyzes the manner in which markets resolve a problem posed by the reality of scarce resources.

What You'll Learn

Identify and apply relevant terminology and concepts to economic issues and problems.

Compare and contrast the market system of economics with other systems.

Analyze and synthesize the public and private sectors of the U.S. economy.

Use demand and supply models in the analysis of real-world issues.

Use the theory of consumer choice to explain and to predict consumer behavior.

Use market structure models to explain and to predict business firm behavior.

Explain the basis for and the benefits of trade.

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Course Details

ECON102

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Microeconomics

In this Microeconomics course, you will be presented with how a model of efficiency is constructed and analyzed through the topics of demand, supply, production, distribution, consumer choice, the behavior of the firm, and market structure. During this Microeconomics course, you will also spend time discussing market failures and the role of government in a market-driven society.

Prerequisites

There are no prerequisites to take Microeconomics.

Topic Subtopics
Thinking Like an Economist
  • Cost-Benefit Principle
  • The Scarcity Principle
  • Macroeconomics and Microeconomics
  • The Economizing Problem
Comparative Advantage
  • International Trade
  • Specialization and
  • Comparative Advantage
  • Government and Trade
  • Trade Barriers
  • Trade Agreements
  • Production Possibilities
Supply and Demand
  • Economic Systems
  • Characteristics of the Market System
  • Markets
  • Demand
  • Supply
  • Market Equilibrium
Elasticity
  • Price Elasticity of Demand
  • Price Elasticity of Supply
  • Cross Elasticity of Demand
  • Income Elasticity of Demand
Demand
  • Consumer Choice and Budget Constraint
  • Rational Spending and the Demand Curve
  • Consumer Surplus
  • Optimal Combination of Resources
Perfectly Competitive Supply
  • Characteristics of Perfect Competition
  • Short-Run Profit Maximization
  • Long-Run Profit Maximization
  • Producer Surplus
Efficiency, Exchange, and the Invisible Hand
  • Economic Profit
  • Economic Rent
Monopoly, Oligopoly, and Monopolistic Competition
  • Characteristics of Pure Monopoly
  • Monopoly Demand
  • Monopoly Output and Price Determination
  • Efficiency Implications of Pure Monopoly
  • Price Discrimination
  • Public Policy
  • Characteristics of Monopolistic Competition
  • Price and Output Determination in Monopolistic Competition
  • Monopolistic Competition and Efficiency
  • Characteristics of Oligopoly
  • Models of Oligopoly
  • Oligopoly and Efficiency
  • The Antitrust Laws and Policy
  • Effectiveness of Antitrust Laws
  • Natural Monopoly
Games and Strategic Behavior
  • Game Theory
  • The Prisoner’s Dilemma
An Introduction to Behavioral Economics
  • Judgmental Heuristics or Rules of Thumb
  • Misinterpretation of Contextual Clues
  • Impulse-Control Problems
  • Loss Aversion and Status Quo Bias
  • Beyond Narrow Self-Interest
  • Concerns about Relative Position
Externalities and Property Rights
  • Externalities
  • Private Ownership
  • Costs and Access
  • High and Rising Health Care Costs
  • Why Costs Are Rising So Rapidly
  • Health Care Reform
  • Pollution
  • Workplace Safety
The Economics of Information
  • Economic Value
  • The Cost-Benefit Test
  • Asymmetric Information
Labor Markets, Poverty, and Income
  • Labor, Wages, and Earnings
  • Perfect Competition in the Labor Market
  • Imperfect Competition in the Labor Market
  • The Minimum Wage Debate
  • Wage Differentials
  • Facts About Income Inequality
  • Causes of Income Inequality
  • Income Inequality Over Time
  • Poverty
  • Economic Efforts of Unions
  • Labor Market Discrimination
  • Economic Analysis of Discrimination
  • Marginal Productivity Theory
  • Deadweight Loss
Public Goods and Tax Policy
  • Public Goods
  • Tax Incidence and Efficiency Loss
International Trade and Trade Policy
  • Comparative Advantage
  • Closed & Open Economies
  • Possibilities Curve
  • Politics of International Trade

Your score provides a percentage score and letter grade for each course. A passing percentage is 70% or higher.

Assignments for this course include:

  • 4 Graded Exams
  • 1 Graded Midterm
  • 1 Graded Final


The required eTextbook for this course is included with your course purchase at no additional cost.


Frank, Robert H., Ben S. Bernanke, Kate Antonovics, and Ori Heffetz. Principles of Microeconomics. 8th ed., McGraw Hill, 2022. ISBN: 9781264250387

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