Microeconomics Principles
Offered By
Microeconomics Principles
University of Illinois at Urbana-Champaign
About this Course
4.8
633 ratings
This course offers an introduction to the functions of individual decision-makers—both consumers and producers—within the larger economic system. Emphasis is on the nature and functions of product markets, the theory of the firm under varying conditions of competition and monopoly, and the role of government in promoting efficiency in the economy.
Most people make the incorrect assumption that economics is ONLY the study of money. My primary goal in this course is to shatter this belief. During this course, we will be addressing the above questions as well as many more relating to:
-the environment
-love and marriage
-crime
-labor markets
-education
-politics
-sports
-business
My main goal is to show you the way economists think and how to use this analytical system to answer questions related not only to these and other important human issues, but to anything you end up doing with your life after this class. After all, as you will quickly find out, I believe that everything is economics!
Skills you will gain
PricingEconomicsMicroeconomicsEconomic Analysis
Syllabus - What you will learn from this course
1
Section
Course Orientation
You will become familiar with the course, your classmates, and our learning environment. The orientation will also help you obtain the technical skills required for the course.
1 video (Total 3 min), 4 readings, 1 quiz
1 video
4 readings
Syllabus30m
About the Discussion Forums15m
Updating Your Profile15m
Social Media15m
1 practice exercise
Orientation Quiz10m
Introduction and Basic Principles
Welcome to your first week in Microeconomics Principles! As you will quickly see, the things you learn in this class will probably help you see the world in a different way. Economics is not just about money, as you may have incorrectly assumed. On the contrary, as you will learn in this lesson, economics is about how society distributes scarce resources. And, since almost anything in the world is a scarce resource, from fossil fuels to nice guys, we can apply the rules of economics to pretty much anything.
6 videos (Total 52 min), 1 reading, 1 quiz
6 videos
2.1. What is Economics?9m
2.2. Opportunity Costs6m
2.3. Net Marginal Benefit Principle8m
2.4. The Invisible Hand Principle9m
2.5. Trade13m
1 reading
Week 1 Overview15m
1 practice exercise
Week 1 Quiz30m
2
Section
Supply and Demand
Welcome to your second week in Microeconomics Principles! This module we will cover the hallmark framework of the field: the supply and demand model. I am sure that if you knew any economics words before enrolling in this course those two words were supply and demand. This module you will finally learn what all the fuss is about.
17 videos (Total 122 min), 1 reading, 1 quiz
17 videos
1.2. The Market for Romantic Relationships7m
2.1. The Determinants of Demand4m
2.2. The Demand Function, Schedule, and Curve7m
2.3. Introducing Comparative Statistics: Changes in the Price4m
2.4. A Change in Demand, Part 113m
2.5. A Change in Demand, Part 210m
3.1. The Determinants of Supply4m
3.2. The Supply Equation, Schedule, and Curve7m
3.3. Price of an Input Changes5m
3.4. A Change in Technology4m
4.1. Supply Surplus, Supply Shortage, and Equilibrium Price12m
5.1. Changes in Demand: Price of Related Goods10m
5.2. Changes in Demand: Consumer Preferences4m
5.3. A Change in Supply7m
5.4. Simultaneous Change in Supply and Demand6m
6.1. Demand and Supply Conclusion8m
1 reading
Week 2 Overview15m
1 practice exercise
Week 2 Quiz30m
3
Section
Market Efficiency and Government Policies
Welcome to Week 3! Last module we introduced the supply and demand model to explain how free markets work. One of the main concepts we learned about free markets was that they tend to gravitate toward an “equilibrium” price and quantity. This module we will use the same conceptual model to answer one important question: Are free markets the best way to distribute society’s resources?
10 videos (Total 67 min), 1 reading, 1 quiz
10 videos
2.1. What is Consumer Surplus?8m
2.2. Consumer Surplus and the Demand Curve3m
3.1. What is Producer Surplus?3m
3.2. Producer Surplus and the Supply Curve3m
4.1. Total Surplus: The Graphical Argument for Free Markets9m
5.1. Price Ceilings8m
5.2. Price Floors11m
6.1. Could We Reduce the Shortage of Human Organs?7m
6.2. Application: Playoff Tickets and Scalping Laws3m
1 reading
Week 3 Overview15m
1 practice exercise
Week 3 Quiz30m
4
Section
Elasticities
Welcome to the fourth week! This module we will cover one of my favorite economics concepts: elasticity. It is one of my favorites because of how useful it is to analyze policy implications, as well as its usefulness for business managers. This will be obvious to you when you read one of the discussion topics for this module: Should we legalize marijuana?
14 videos (Total 89 min), 1 reading, 1 quiz
14 videos
2.1. Definition and Classifying Price Elasticities of Demand10m
2.2. Price Elasticity of Demand and Revenue4m
2.3. Determinants of Price Elasticity of Demand10m
2.4. Price Elasticities of Demand and the Linear Demand Curve5m
3.1. Income Elasticity of Demand5m
3.2. Cross-Price Elasticity of Demand8m
4.1. Definition of Price Elasticity of Supply2m
4.2. Determinants of Price Elasticity of Supply2m
5.1. Introduction to Per-Unit Taxes4m
5.2. The Distributional Effects of Tax13m
5.3. Taxes and Surplus4m
6.1. Should Black Dog Increase the Price of Their Sandwiches?2m
6.2. Other Applications of Price Elasticity8m
1 reading
Week 4 Overview15m
1 practice exercise
Week 4 Quiz30m
4.8
33%
83%
Top Reviews
By FK•Jul 16th 2017
Great way to explain economics, especially for students with english as a second language. Thanks for dividing the videos into smaller parts making me able to plan my schedule in great flexibility.
By F•Dec 4th 2016
Perfect course. Everything is clear. I really like the way the instructor teach something and I should note that the examples he uses are legendary :D For exmple market for romantic relationships.
Instructor
Dr. José J. Vázquez-Cognet
Clinical ProfessorDepartment of Economics
About University of Illinois at Urbana-Champaign
The University of Illinois at Urbana-Champaign is a world leader in research, teaching and public engagement, distinguished by the breadth of its programs, broad academic excellence, and internationally renowned faculty and alumni. Illinois serves the world by creating knowledge, preparing students for lives of impact, and finding solutions to critical societal needs.
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