Principles of Microeconomics: Social Microeconomics from edX

In this course, we begin your strategic thinking journey by exploring imperfect competition, price discrimination, oligopoly, and game theory. You will be provided with practical examples the whole way through the course to enhance your real-world application of your new knowledge.

The course also explores the concept of Public Goods, specifically those goods and services that have characteristics of being both non-rivalrous and non-excludable. You will learn how competitive markets can produce inefficient outcomes in the presence of externalities.

The categories of public goods, private goods, collective goods and common goods are also explored through the use of real world examples, promoting a great practical understanding of the topic area.

The course also investigates asymmetric information and how firms deal with the problems associated with imperfect information. There are many practical examples for you to watch and work through to ensure you develop a thorough understanding and are able to apply your knowledge once you complete the course.

This MOOC is part of the Professional Certificate in Microeconomics. We recommend that you explore the other two courses of the program, Principles of Microeconomics and Competitive and Imperfectly Competitive Markets. The program is based on a core microeconomics course taught on campus at The University of Queensland. Don't wait to enroll and begin learning from industry experts now!

If you are interested in pursuing economics further, UQx provides an accompanying Professional Certificate in Macroeconomics program running in parallel to this course. Building on your knowledge of microeconomics with this additional program will provide you with a strong foundation of economics.

Overall, this course is for everyone, whether you are studying at university, a career professional interested in expanding your economic knowledge, or simply curious about global economic behaviour and what influences it.

What's inside

Learning objectives

The topics that are covered within this course include:
How and why price discrimination is used
Different price discriminations and peak load pricing
Game theory

Asymmetric information and how to collect the perfect amount of economic information
Principal-agent and adverse selection problems
Moral hazard problem and the costly to fake principle

The topics that are covered within this course include:
How and why price discrimination is used
Different price discriminations and peak load pricing
Game theory
Asymmetric information and how to collect the perfect amount of economic information
Principal-agent and adverse selection problems
Moral hazard problem and the costly to fake principle

Good to know

Know what's good

, what to watch for

, and possible dealbreakers

This economics course focuses on topics and ideas that are relevant to the way the global economy behaves

Learners seeking a general understanding of how markets behave are a good fit for this course

Learners hoping to become thought leaders within the economics sphere may need more specialization than what is offered in this course

Asymmetric information, peak load, and price discrimination are standard topics covered in undergraduate courses on economics

This course provides practical examples of its topics, which can be valuable for learners looking for real-world applications of economic theories

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 Microeconomics: Social Microeconomics with these activities:

Review High School Economics

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Brush up on the fundamentals of economics to strengthen your foundation for this course.

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Review your high school economics notes or textbook.
Take practice quizzes or tests to assess your understanding.

Connect with Economics Professionals

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Expand your network and gain insights by connecting with professionals in the field of economics.

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Attend industry events or meetups related to economics.
Reach out to alumni, professors, or professionals in your desired field.
Request informational interviews to learn about their experiences and advice.

Read 'Microeconomics: Theory and Applications'

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Supplement your understanding with a comprehensive textbook that covers key microeconomic concepts.

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Read assigned chapters.
Take notes and highlight important points.
Complete chapter exercises and review questions.
Discuss the material with classmates or a study group.

Four other activities

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Practice Price Discrimination Problems

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Reinforce your understanding of price discrimination by solving practice problems.

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Find practice problems online or in textbooks.
Solve the problems step-by-step, showing your work.
Review your answers against solutions to identify any errors.

Compile Game Theory Examples

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Enhance your understanding of game theory by gathering and analyzing real-world examples.

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Research and gather examples of game theory in various fields (e.g., business, sports, politics).
Document each example, including the players, strategies, and outcomes.
Organize your examples into a cohesive compilation.

Analyze Asymmetric Information Scenarios

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Develop your critical thinking skills by analyzing scenarios involving asymmetric information.

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Identify real-world scenarios where asymmetric information is present.
Analyze the incentives and behaviors of different parties involved.
Propose solutions or strategies to mitigate the effects of asymmetric information.

Develop a Public Goods Policy Proposal

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Apply your understanding of public goods to a real-world policy issue by developing a proposal.

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Research a public goods-related policy issue.
Analyze the costs and benefits of alternative policy solutions.
Draft a policy proposal outlining your recommendations.

Career center

Learners who complete Principles of Microeconomics: Social Microeconomics will develop knowledge and skills that may be useful to these careers:

Economist

Economists study the production, distribution, and consumption of goods and services. A course on the Principles of Microeconomics: Social Microeconomics can help you succeed in this role by providing you with a strong foundation in economic theory and analysis. This knowledge can be used to conduct economic research, develop policy recommendations, and forecast economic trends.

See salaries and explore the career path for Economist

Market Research Analyst

Market Research Analysts are responsible for gathering and interpreting market data to help businesses make informed decisions. A course on the Principles of Microeconomics: Social Microeconomics can help you succeed in this role by providing you with a strong understanding of the factors that affect supply and demand, as well as the behavior of firms and consumers in different market structures. This knowledge can be used to design and conduct market research studies, analyze data, and make recommendations to businesses on how to improve their products and services.

See salaries and explore the career path for Market Research Analyst

Financial Analyst

Financial Analysts are responsible for analyzing financial data and making recommendations on investments. A course on the Principles of Microeconomics: Social Microeconomics can help you succeed in this role by providing you with a strong understanding of the factors that affect the value of stocks, bonds, and other financial instruments. This knowledge can be used to make sound investment decisions and help clients achieve their financial goals.

See salaries and explore the career path for Financial Analyst

Consultant

Consultants provide advice to businesses on a variety of topics, including strategy, operations, and marketing. A course on the Principles of Microeconomics: Social Microeconomics can help you succeed in this role by providing you with a strong understanding of the factors that affect business decisions. This knowledge can be used to help businesses identify opportunities, develop strategies, and implement solutions.

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Product Manager

Product Managers are responsible for managing the development and launch of new products and services. A course on the Principles of Microeconomics: Social Microeconomics can help you succeed in this role by providing you with a strong understanding of the factors that affect product demand and profitability. This knowledge can be used to make decisions about product features, pricing, and marketing.

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Marketing Manager

Marketing Managers are responsible for developing and executing marketing campaigns to promote products and services. A course on the Principles of Microeconomics: Social Microeconomics can help you succeed in this role by providing you with a strong understanding of consumer behavior and the factors that affect demand. This knowledge can be used to develop effective marketing strategies and campaigns that reach the target audience.

See salaries and explore the career path for Marketing Manager

Sales Manager

Sales Managers are responsible for leading and motivating sales teams to achieve sales goals. A course on the Principles of Microeconomics: Social Microeconomics can help you succeed in this role by providing you with a strong understanding of the factors that affect consumer demand and the behavior of firms in different market structures. This knowledge can be used to develop effective sales strategies and tactics.

See salaries and explore the career path for Sales Manager

Business Development Manager

Business Development Managers are responsible for identifying and developing new business opportunities for their companies. A course on the Principles of Microeconomics: Social Microeconomics can help you succeed in this role by providing you with a strong understanding of the factors that affect business growth and profitability. This knowledge can be used to identify new market opportunities and develop strategies to enter new markets.

See salaries and explore the career path for Business Development Manager

Data Analyst

Data Analysts are responsible for collecting, analyzing, and interpreting data to help businesses make informed decisions. A course on the Principles of Microeconomics: Social Microeconomics may be useful for this role by providing you with a strong foundation in quantitative analysis and research methods. This knowledge can be used to design and conduct data analysis studies, interpret results, and make recommendations to businesses.

See salaries and explore the career path for Data Analyst

Quantitative Analyst

Quantitative Analysts are responsible for developing and implementing mathematical models to analyze financial data. A course on the Principles of Microeconomics: Social Microeconomics may be useful for this role by providing you with a strong foundation in mathematical modeling and economic theory. This knowledge can be used to develop and implement financial models, conduct risk analysis, and make investment recommendations.

See salaries and explore the career path for Quantitative Analyst

User Experience Researcher

User Experience Researchers are responsible for studying user behavior and feedback to improve the design and usability of products and services. A course on the Principles of Microeconomics: Social Microeconomics may be useful for this role by providing you with a strong understanding of consumer behavior and the factors that affect demand. This knowledge can be used to conduct user research studies, analyze data, and make recommendations to improve the user experience.

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Public Policy Analyst

Public Policy Analysts are responsible for analyzing public policies and making recommendations on how to improve them. A course on the Principles of Microeconomics: Social Microeconomics can help you succeed in this role by providing you with a strong understanding of the factors that affect public policy decisions and the behavior of government agencies. This knowledge can be used to analyze public policies, develop policy recommendations, and advocate for policy changes.

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Lawyer

Lawyers advise clients on their legal rights and responsibilities and represent them in court. A course on the Principles of Microeconomics: Social Microeconomics may be useful for this role by providing you with a strong understanding of the legal system and the factors that affect business decisions. This knowledge can be used to advise clients on legal matters, negotiate contracts, and represent clients in court.

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Teacher

Teachers instruct students in a variety of subjects, including economics. A course on the Principles of Microeconomics: Social Microeconomics can help you succeed in this role by providing you with a strong foundation in economic theory and analysis. This knowledge can be used to develop lesson plans, teach students about economic concepts, and prepare students for further study in economics.

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Actuary

Actuaries use mathematical and statistical techniques to assess risk and uncertainty. A course on the Principles of Microeconomics: Social Microeconomics may be useful for this role by providing you with a strong foundation in mathematical modeling and economic theory. This knowledge can be used to develop and implement actuarial models, conduct risk analysis, and make recommendations on financial and insurance products.

See salaries and explore the career path for Actuary