Principles of Economics: Introduction - Getting to Know You from Coursera

Economics and economic theory is fundamental to decision making in business, policy, and everyday life. If you're interested in a career in business, law, accounting, or investment then studying economics is a great foundation of knowledge.

In this first course of a three course Specialization adapted from my ECON 100 course taught at Rice University, we'll cover the introduction to the basic concepts of microeconomics and macroeconomics. Microeconomics component includes analysis of supply and demand, consumer and producer behavior, and competitive and noncompetitive market equilibria, with applications to current policy issues. Macroeconomics component provides an overview of the determination of national output, employment, interest rates, and inflation, and analyzes monetary fiscal policies and international trade.

More specifically here's some things you should be able to do by the end of the course:

1. Identify how Opportunity Costs affect economic decisions.

2. Discover the basics of the study of economics

3. Compare the long and short of economic theory

4. Link trade and national production

5. Discuss what tradeoffs nations face in production

6. Determine how market supply relates to prices

7. Compare the relationships between the price elasticity of demand and revenue

8. Discover how taxes affect supply and demand

Lastly there is a book that I've written that coincides with this and the other two courses in the Specialization. You can purchase it here: https://he.kendallhunt.com/product/story-economics-principles-tale

What's inside

Syllabus

Welcome to the Course!

Congratulations on enrolling and welcome! Please take a look around at these intro and orientation materials. Here you'll learn a little bit about the course, what you'll gain, and also a little bit about yours truly.

Module 1 - Start From the Start

It's always a good idea to start a story that's beginning. We're going to begin at the beginning of the story of economics. What is economics? That's a good question. Well, the standard definition is the study of choice in a world of scarcity. Now I can't argue with that, but let's take a deeper dive in this Module explore more of what it's really all about.

Module 2 - Markets, Like Where the Piggy's go

What are markets? Well, a market is just anytime there's a group of buyers and sellers. So the buyers, they're going to constitute demand. Buyers make up the demand for a good or service, sellers, they make up the supply of a good or service. There's all kinds of markets out there and we're going to take a look at them and more in this module.

Module 3 - Elasticity

Welcome to elasticity. Now with elasticity, we want to talk about how sensitive supply and demand are. Elasticity is a measure of responsiveness of the quantity demanded or quantity supplied when there's a change in one of their determinants. The things that make up supply and demand when they change, how much does the quantity demanded or the quantity supplied change. Now let's take a look at the ins and outs of elasticity.

Module 4 - Market and Government Policy

In this module, we're going to talk about how government policy interacts with our markets. How government policy interacts with supply and demand. We're going to look at two main types of government policy. We're going to look at price setting and we're going to look at taxes. Let's get to it!

Module 5 - The Welfare of Markets

Welcome to welfare economics. Where here, we're going to look at how well our markets are fairing. Now, I know we don't like to be judgmental, but here we're going to judge, we're going to judge the performance of our markets. In welfare economics, the goal is to get everybody in the market who values the product above or equal to the cost of making it. C'mon, let's get it.

Module 6 - Externalities and Types of Goods

Oh my gosh, it's the final module of this course! What a journey thus far, but there's still much to cover! Up until this point, we've been assuming that we're in a perfectly competitive market with no externalities. Well, we're going to continue to assume that we're in a perfectly competitive market, even though that might be a little bit more of a theoretical boundary. But here, we're going to relax the assumption about externalities. So no longer are we going to assume that our actions don't affect bystanders. What this is going to give us an ability to do is talk about the potential role of government. So, what is an externality? Let's take a look.

Good to know

Know what's good

, what to watch for

, and possible dealbreakers

Introduces economic principles, a staple in business, law, accounting, and other fields

Guides students with both theoretical and practical explanations of micro and macroeconomics

Covers essential economic concepts, including supply and demand, market equilibrium, and monetary and fiscal policies

Explores real-world applications of economic theories, making the subject more relatable

Provides clear learning objectives, allowing students to track their progress

Guided by an experienced instructor whose expertise enhances the course

Activities

Be better prepared before your course. Deepen your understanding during and after it. Supplement your coursework and achieve mastery of the topics covered in Principles of Economics: Introduction - Getting to Know You with these activities:

Organize Your Notes

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Take some time to organize your notes from class and readings.

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Gather your notes from class and readings.
Sort your notes by topic.
Create a system for organizing your notes, such as using a binder, notebook, or digital note-taking app.
Review your notes regularly.

Review economic theory basics

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Understand the fundamental concepts and principles of economics.

Browse courses on Economic Theory

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Review notes and textbooks from previous economics courses.
Work through practice problems and exercises.
Attend a refresher workshop or online course.

Watch Lectures on Economic Concepts

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Find online lectures or tutorials on economic concepts that you find challenging.

Browse courses on Microeconomics

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Search for online lectures or tutorials on economic concepts.
Watch the lectures or tutorials and take notes.
Pause the lectures or tutorials and rewind if you need to.
Review your notes after watching the lectures or tutorials.

Ten other activities

Expand to see all activities and additional details

Show all 13 activities

Create a study guide for macroeconomic concepts

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Summarize and organize key macroeconomic concepts for effective revision.

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Identify relevant macroeconomic topics and concepts.
Gather notes, textbooks, and other materials.
Consolidate and condense the information into a coherent summary.

Create a mind map of economic concepts

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Organize and visualize the relationships between key economic concepts.

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Gather notes, textbooks, and other resources on economic concepts.
Brainstorm and list down all the relevant concepts.
Connect related concepts with lines or branches.
Add details and examples to each concept.

Form a Study Group

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Collaborate with other students to discuss the course material, work on problems, and quiz each other.

Browse courses on Microeconomics

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Find a group of students who are interested in forming a study group.
Decide on a meeting time and place.
Set a list of goals for the study group.
Prepare for each meeting by reviewing the course material.
Actively participate in the study group discussions.

Solve practice problems on microeconomics

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Apply economic principles to solve real-world problems, reinforcing understanding of microeconomics.

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Find practice problems and exercises online or in textbooks.
Work through the problems step-by-step.
Check your answers and identify areas for improvement.

Engage in study group discussions

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Collaborate with peers to reinforce concepts and gain diverse perspectives.

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Form or join a study group with classmates.
Set regular meeting times and decide on topics to discuss.
Actively participate in discussions and share insights.

Solve Economics Problems

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Practice solving economics problems to improve your understanding of the concepts.

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Find a set of economics problems to solve.
Set a timer for yourself and try to solve the problems within the time limit.
Check your answers and identify any areas where you need to improve.

Build a Simple Economic Model

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Use your knowledge of the basic concepts of economics to create a simple model that explains a real-world economic phenomenon.

Browse courses on Microeconomics

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Identify an economic phenomenon that you want to model.
Research the phenomenon and collect data.
Develop a simplified model that represents the phenomenon.
Test your model using the data you collected.
Refine your model based on the results of your testing.

Write an Economic Blog Post

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Choose an economic topic and write a blog post that explains the topic in a clear and concise way.

Browse courses on Microeconomics

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Choose an economic topic that you are interested in.
Research the topic and gather information from credible sources.
Write a blog post that explains the topic in a clear and concise way.
Edit and proofread your blog post.
Publish your blog post on a platform of your choice.

Attend a workshop on economic policy

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Explore the practical applications of economic theories in policy-making.

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Research and identify relevant workshops or seminars.
Attend the workshop and actively participate in discussions.
Take notes and summarize the key takeaways.

Develop a policy paper on a current economic issue

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Apply theoretical knowledge to analyze and propose solutions for real-world economic problems.

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Identify a current economic issue and research it thoroughly.
Analyze the underlying economic principles and theories.
Propose policy recommendations based on your analysis.
Write and format a professional policy paper.

Career center

Learners who complete Principles of Economics: Introduction - Getting to Know You will develop knowledge and skills that may be useful to these careers:

Economist

An Economist researches, analyzes, and interprets economic data to provide insights and make predictions about economic trends. This course provides a solid foundation in economic principles and theories, which are essential for Economists who need to understand the factors that influence economic outcomes. By studying supply and demand, market equilibrium, and international trade, learners can develop the analytical skills necessary to identify and solve economic problems.

See salaries and explore the career path for Economist

Market Research Analyst

A Market Research Analyst collects, analyzes, and interprets data about consumer behavior and market trends. This course provides a comprehensive overview of microeconomics and macroeconomics, which are fundamental to understanding market dynamics and consumer behavior. Through a deep dive into elasticity, government policy, and market efficiency, learners can develop the skills needed to conduct thorough market research and make informed business decisions.

See salaries and explore the career path for Market Research Analyst

Financial Analyst

A Financial Analyst evaluates and recommends investments for individuals and institutions. This course provides a strong foundation in microeconomic principles, including supply and demand, market equilibrium, and consumer behavior. By understanding how these concepts influence investment decisions, learners can develop the analytical skills needed to make sound investment recommendations and manage risk.

See salaries and explore the career path for Financial Analyst

Business Analyst

A Business Analyst identifies and analyzes business needs and develops solutions to improve efficiency and profitability. This course provides a comprehensive overview of microeconomics and macroeconomics, which are essential for understanding the business environment and making strategic decisions. By studying market analysis, government policy, and international trade, learners can develop the analytical skills necessary to conduct thorough business analysis and make informed recommendations.

See salaries and explore the career path for Business Analyst

Data Analyst

A Data Analyst collects, processes, and analyzes data to uncover insights and trends. This course provides a foundation in economic data analysis, which is essential for Data Analysts who need to understand how economic factors influence business outcomes. By studying supply and demand, market equilibrium, and international trade, learners can develop the analytical skills necessary to extract meaningful insights from data and make informed decisions.

See salaries and explore the career path for Data Analyst

Consultant

A Consultant provides expert advice and guidance to businesses and organizations across various industries. This course provides a broad overview of microeconomic and macroeconomic principles, which are foundational for understanding business operations and industry dynamics. By studying market analysis, government policy, and international trade, learners can develop the analytical skills necessary to identify and solve complex business problems.

See salaries and explore the career path for Consultant

Public Policy Analyst

A Public Policy Analyst researches, analyzes, and evaluates public policies to inform decision-making. This course provides a solid foundation in microeconomic and macroeconomic principles, which are essential for understanding the impact of public policies on the economy and society. By studying market analysis, government policy, and international trade, learners can develop the analytical skills necessary to conduct rigorous policy analysis and make evidence-based recommendations.

See salaries and explore the career path for Public Policy Analyst

Investment Banker

An Investment Banker provides financial advisory and underwriting services to corporations and governments. This course provides a solid foundation in microeconomic principles, including supply and demand, market equilibrium, and consumer behavior. By understanding how these concepts influence investment decisions, learners can develop the analytical skills needed to evaluate investment opportunities and make sound recommendations.

See salaries and explore the career path for Investment Banker

Budget Analyst

A Budget Analyst develops and manages budgets for government agencies and non-profit organizations. This course provides a solid foundation in macroeconomics, including national output, employment, interest rates, and inflation. By understanding how these concepts influence government spending and revenue, learners can develop the analytical skills necessary to create and manage effective budgets.

See salaries and explore the career path for Budget Analyst

Actuary

An Actuary assesses and manages financial risks for insurance companies and other financial institutions. This course provides a foundation in economic principles, including supply and demand, market equilibrium, and consumer behavior. By understanding how these concepts influence risk assessment and insurance pricing, learners can develop the analytical skills necessary to evaluate and mitigate financial risks.

See salaries and explore the career path for Actuary

Auditor

An Auditor examines and evaluates financial records to ensure compliance with laws and regulations. This course provides a foundation in microeconomic principles, including supply and demand, market equilibrium, and consumer behavior. By understanding how these concepts influence business operations and financial reporting, learners can develop the analytical skills necessary to conduct thorough audits and ensure financial integrity.

See salaries and explore the career path for Auditor