Course: Economics: Mastering Microeconomics 101

Economics: Mastering Microeconomics 101

  • Life Time Access
  • Certificate on Completion
  • Access on Android and iOS App
  • Self-Paced
About this Course

This course covers the most important foundation concepts in microeconomics necessary for application in more advanced models. Principles and theories discussed in this course can also be applied in real life decision making. All the important theories, models, graphs and laws are discussed using high-quality sound and animation. No live recordings of lectures or boring screen-shots of textbook pages!

Mastering Foundations in Microeconomics is a great resource for exam, lecture or test preparation. Students can go through all the material chapter by chapter, or simply complete selected chapters in which they feel they need additional support.

Examples from everyday life are provided at the end of each chapter as well as multiple choice quizzes to further enhance each student’s learning experience, regardless of capability.

Basic knowledge
  • Students should understand straight line graphs and be able to complete some basic arithmetic
What you will learn
  • Key foundation concepts and definitions
  • How investing in capital leads to economic growth
  • How prices are determined by markets
  • How to anticipate market outcomes
  • How to analyse productivity
  • All the important graphs in foundation microeconomics
  • How consumers make purchasing decisions
  • The laws of demand and supply
  • How to visually illustrate economic growth
Number of Lectures: 71
Total Duration: 08:55:36
Introduction to Microeconomics
  • What is Microeconomics?  

    A brief video introducing the concept of Microeconomics. E.g. what do we study and why

  • The difference between economic theories and models  

    We learn why in economics we use theories to explain real world observations and why we use models to illustrate those theories. Economics is often criticized for using too many theories that don't represent the real world, however, theories and models are used to explain real world observations, not mimic or forecast them!

  • Positive vs. normative economics  

    A brief explanation of the difference between positive economic statements and normative economic statements

Choice and Scarcity
  • Introduction to making choices under scarcity  
  • The production possibilities curve or frontier  
  • Opportunity costs  
  • Deriving marginal cost  
  • Marginal benefit and allocative efficiency  
  • Economic growth  
  • Choice and scarcity - conclusion  
Supply and Demand
  • Introduction to Supply and Demand  
  • Introducing demand  
  • Deriving individual demand curves  
  • From individual to market demand curves  
  • Demand curve shifts: why and how  
  • Introducing the supply curve  
  • Deriving the individual firm supply curve  
  • From the individual firm to market supply curve  
  • Supply curve shifts: why and how  
  • Equilibrium: where supply and demand meet  
  • Market mechanisms: shifts towards price equilibrium  
Consumer and Producer Surplus
  • Introduction to consumer and producer surplus and deficit  
  • Understanding and calculating consumer surplus  
  • Understanding and calculating producer surplus  
  • Combining consumer and producer surplus  
  • Using surplus and deficit to calculate market efficiency  
  • Conclusion: consumer and producer surplus  
Elasticity in Economic Theory
  • Introduction to elasticity  
  • The relationship between revenue and price  
  • Price elasticity of Demand  
  • Interpreting the price elasticity of Demand  
  • The relationship between elasticity and revenue  
  • Calculating "cross price elasticity"  
  • Calculating "income elasticity of demand"  
Consumption Theory (budget lines and indifference curves)
  • Introduction to consumer theory  
  • Introducing the individual consumer budget line  
  • How to construct a budget line  
  • Understanding why the budget line slope is so important  
  • Understanding shifts in the budget line  
  • Introduction to Indifference Curves  
  • Understanding and drawing indifference curves  
  • What is the Marginal Rate of Substitution?  
  • Maximizing consumer "satisfaction" and indifference curves  
  • Shifts and changing preferences (satisfaction)  
  • Advanced: Calculating the substitution effect  
  • Advanced: Calculating the income effect  
  • Normal vs. Inferior goods and services  
  • Chapter conclusion  
Production Theory (product and costs)
  • Introduction to production theory  
  • Introducing Output or Production curves  
  • The "total product" curve  
  • Understanding "marginal product" and the total product curve  
  • Introduction to "cost curves"  
  • Understanding the variable cost curve  
  • The total and fixed cost curves (TC and TFC)  
  • The average cost curves  
  • Marginal and average cost curves  
  • Short-run costs vs. output (production)  
  • Understanding Long-Run costs  
  • Chapter conclusion and application  
Perfect Competition
  • Introduction to perfect competition  
  • Foundation graphs and theory for perfect competition  
  • Economic Profit in perfect competition  
  • Maximizing profit in perfectly competitive markets  
  • Short-Run scenarios in perfect competition  
  • The perfectly competitive individual firm Supply curve  
  • The perfectly competitive market supply curve  
  • The short-run perfectly competitive market (supply and demand)  
  • The long-run average cost curve in a perfectly competitive market  
  • Falling demand in a perfectly competitive market  
  • Increasing demand in perfectly competitive markets  
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