About this Course

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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!

Flexible deadlines

Reset deadlines in accordance to your schedule.

Shareable Certificate

Earn a Certificate upon completion

100% online

Start instantly and learn at your own schedule.

Beginner Level

None

Approx. 26 hours to complete

English

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What you will learn

Identifying hidden costs of anything

Skills you will gain

Economics
Critical Thinking
Microeconomics
Economic Analysis

Flexible deadlines

Reset deadlines in accordance to your schedule.

Shareable Certificate

Earn a Certificate upon completion

100% online

Start instantly and learn at your own schedule.

Beginner Level

None

Approx. 26 hours to complete

English

Could your company benefit from training employees on in-demand skills?

Try Coursera for Business

Instructor

Instructor rating

4.78/5 (612 Ratings)

Dr. José J. Vázquez-Cognet

Clinical Professor

Department of Economics

155,587 Learners

1 Course

Syllabus - What you will learn from this course

Content Rating97%(18,145 ratings)

Week1

Week 1

2 hours to complete

Course Orientation

2 hours to complete

1 video (Total 3 min), 4 readings, 1 quiz

3 hours to complete

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 suitable romantic partners, we can apply the rules of economics to pretty much anything.

3 hours to complete

6 videos (Total 52 min), 1 reading, 1 quiz

Week2

Week 2

4 hours to complete

Supply and Demand

4 hours to complete

17 videos (Total 122 min), 1 reading, 1 quiz

17 videos

1.1. What is a Market?1m1.2. The Market for Romantic Relationships7m2.1. The Determinants of Demand4m2.2. The Demand Function, Schedule, and Curve7m2.3. Introducing Comparative Statistics: Changes in the Price4m2.4. A Change in Demand, Part 113m2.5. A Change in Demand, Part 210m3.1. The Determinants of Supply4m3.2. The Supply Equation, Schedule, and Curve7m3.3. Price of an Input Changes5m3.4. A Change in Technology4m4.1. Supply Surplus, Supply Shortage, and Equilibrium Price12m5.1. Changes in Demand: Price of Related Goods10m5.2. Changes in Demand: Consumer Preferences4m5.3. A Change in Supply7m5.4. Simultaneous Change in Supply and Demand6m6.1. Demand and Supply Conclusion8m

1 reading

Week 2 Overview15m

1 practice exercise

Week 2 Quiz30m

Week3

Week 3

3 hours to complete

Market Efficiency and Government Policies

3 hours to complete

10 videos (Total 67 min), 1 reading, 1 quiz

10 videos

1.1. Do We Need Silly Products?8m2.1. What is Consumer Surplus?8m2.2. Consumer Surplus and the Demand Curve3m3.1. What is Producer Surplus?3m3.2. Producer Surplus and the Supply Curve3m4.1. Total Surplus: The Graphical Argument for Free Markets9m5.1. Price Ceilings8m5.2. Price Floors11m6.1. Could We Reduce the Shortage of Human Organs?7m6.2. Application: Playoff Tickets and Scalping Laws3m

1 reading

Week 3 Overview15m

1 practice exercise

Week 3 Quiz30m

Week4

Week 4

3 hours to complete

Elasticities

3 hours to complete

14 videos (Total 89 min), 1 reading, 1 quiz

14 videos

1.1. Introduction to Elasticity4m2.1. Definition and Classifying Price Elasticities of Demand10m2.2. Price Elasticity of Demand and Revenue4m2.3. Determinants of Price Elasticity of Demand10m2.4. Price Elasticities of Demand and the Linear Demand Curve5m3.1. Income Elasticity of Demand5m3.2. Cross-Price Elasticity of Demand8m4.1. Definition of Price Elasticity of Supply2m4.2. Determinants of Price Elasticity of Supply2m5.1. Introduction to Per-Unit Taxes4m5.2. The Distributional Effects of Tax13m5.3. Taxes and Surplus4m6.1. Should Black Dog Increase the Price of Their Sandwiches?2m6.2. Other Applications of Price Elasticity8m

1 reading

Week 4 Overview15m

1 practice exercise

Week 4 Quiz30m

Week5

Week 5

3 hours to complete

Production and Costs

Welcome to your fifth week! This module we will begin covering the theory of the firm, which will take us basically three modules to finish. Economists call this section of the course, "The Economics of the Lemonade Stand." And that title makes perfect sense, since the concepts we cover can be used by anyone, from someone owning a lemonade stand, to a car manufacturing company, to a hair salon, to a burrito stand, etc.

3 hours to complete

9 videos (Total 64 min), 1 reading, 1 quiz

Week6

Week 6

3 hours to complete

Competitive Output

3 hours to complete

10 videos (Total 75 min), 1 reading, 1 quiz

10 videos

1.1. Introduction to Competitive Output2m2.1. The Maximizing Profit Assumption3m2.2. The Profit Equation7m2.3. The Profit Maximizing Rule10m3.1. Perfect Competition6m4.1. The Short-run Decision8m4.2. Long-run Competitive Output11m4.3. Using the Long-run Equilibrium Model10m4.4. The Long-run Supply Curve11m5.1. Conclusion to Competitive Output3m

1 reading

Week 6 Overview15m

1 practice exercise

Week 6 Quiz30m

Week7

Week 7

3 hours to complete

Firms with Market Power

So, why is it that when you fly the person sitting next to you in the plane probably paid a different price for the ticket than what you paid for it? And why does Starbucks charge so much for its coffee even though you can buy coffee at Dunkin’ Donuts for almost half of that price? This module we are finishing our discussion of the firm by focusing on cases that should be more familiar to you than the perfect competition examples we have been using.

3 hours to complete

10 videos (Total 79 min), 1 reading, 1 quiz

10 videos

1.1. Pricing with Market Power: An Introduction3m2.1. Market Structures With Pricing Power7m2.2. Sources of Market Power12m3.1. When Marginal Revenue is Less than Price9m3.2. Marginal Revenue and the Price Elasticity of Demand6m4.1. Perfect Price Discrimination9m4.2. Imperfect Price Discrimination10m4.3. Other Pricing Strategies8m5.1. The Social Cost of Market Power7m6.1. Pricing with Market Power: Conclusion4m

1 reading

Week 7 Overview15m

1 practice exercise

Week 7 Quiz30m

Week8

Week 8

4 hours to complete

Public Goods, Common Resources, and Externalities

4 hours to complete

13 videos (Total 96 min), 1 reading, 1 quiz

13 videos

1.1. Introduction to Public Goods, Common Resources, and Externalities3m2.1. How to Classify Goods10m2.2. What Type of Good is This?5m3.1. The Public Goods Game13m3.2. Public Goods4m3.3. Solving the Free Rider8m4.1. The Tragedy of the Commons8m4.2. How to Deal with the Tragedy of the Commons4m5.1. Negative Externalities10m5.2. Positive Externalities5m5.3. Private Solutions8m5.4. Governmental Solutions10m6.1. Conclusion to Public Goods, Common Resources, and Externalities4m

1 reading

Week 8 Overview15m

1 practice exercise

Week 8 Quiz30m

Reviews

4.8

592 reviews

5 stars
82.41%
4 stars
14.49%
3 stars
1.41%
2 stars
0.55%
1 star
1.11%

TOP REVIEWS FROM MICROECONOMICS PRINCIPLES

by ORJan 19, 2022

It was really insightful and really introduced me to economics. Although some policies might not be as applicable in the country I am in, it still taught me how the market works

by ATJun 30, 2016

I find this course very interesting and clear to understand. Using examples and showing different tasks with student is very entertaining and helps to understand the subject. Thanks a lot!

by MBApr 28, 2019

Very practical and intuitive! The topics and examples are interesting and go beyong "company buys X and sells Y formula". Jose is a great lecturer with engaging way of teaching.

by TWJan 6, 2019

This is an excellent, concise survey course on basic economics. The instructor covers all of the major concepts. This kind of course should be part of every well-rounded education.

View all reviews

Frequently Asked Questions

When will I have access to the lectures and assignments?
Access to lectures and assignments depends on your type of enrollment. If you take a course in audit mode, you will be able to see most course materials for free. To access graded assignments and to earn a Certificate, you will need to purchase the Certificate experience, during or after your audit. If you don't see the audit option:
The course may not offer an audit option. You can try a Free Trial instead, or apply for Financial Aid.
The course may offer 'Full Course, No Certificate' instead. This option lets you see all course materials, submit required assessments, and get a final grade. This also means that you will not be able to purchase a Certificate experience.
What will I get if I purchase the Certificate?
When you purchase a Certificate you get access to all course materials, including graded assignments. Upon completing the course, your electronic Certificate will be added to your Accomplishments page - from there, you can print your Certificate or add it to your LinkedIn profile. If you only want to read and view the course content, you can audit the course for free.
Is financial aid available?
Yes. In select learning programs, you can apply for financial aid or a scholarship if you can’t afford the enrollment fee. If fin aid or scholarship is available for your learning program selection, you’ll find a link to apply on the description page.

More questions? Visit the Learner Help Center.

Microeconomics Principles