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

Traffic lights

Read about what's good

what should give you pause

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

Reviews summary

Practical microeconomics for real-world insight

According to learners, this course offers an exceptionally clear and accessible introduction to advanced microeconomic principles like game theory, price discrimination, and asymmetric information. Students frequently highlight the instructor's engaging delivery and the abundance of practical, real-world examples, which are crucial for connecting theory to application and solidifying understanding. While many find the content highly relevant for professionals and those seeking to deepen their economic knowledge, a few suggest that some later modules might feel slightly rushed or lack advanced rigor for those with a strong intermediate background. Some learners also noted that a foundational math intuition is beneficial, despite the course aiming for broad accessibility.

Ideal for foundational understanding, less for advanced rigor.

"This course is suitable for both beginners with some prior econ knowledge and those seeking to deepen their understanding."

"It felt like it tried to cover too much, and thus some depth was sacrificed. Might be better for someone just starting out, but for intermediate learners, it lacks rigor."

"I found this course to be a bit challenging without a very strong background in math. It needs clearer prerequisites."

Instructor's passion and engaging delivery enhance learning.

"Excellent course, truly. The instructor's passion for the subject shines through."

"The instructor's delivery is engaging and makes even dry topics interesting."

"I particularly enjoyed the game theory module, which was presented in an engaging and accessible way."

Real-world examples consistently aid in applying theoretical concepts.

"The instructor used so many practical, real-world examples that made the concepts stick."

"The practical examples were definitely a highlight and helped connect theory to practice."

"I was able to apply the game theory concepts directly to my work projects."

Complex economic topics are explained with impressive clarity.

"The explanations of complex topics like game theory and asymmetric information were incredibly clear and easy to grasp."

"The instructor's delivery is engaging and makes even dry topics interesting."

"I appreciate the effort put into making complex ideas accessible."

Minor concerns noted regarding older video quality and forum activity.

"Content is decent but the production quality of some older videos seems low."

"The forum isn't very active, so getting questions answered can be slow."

"I felt the course could benefit from more interactive exercises."

Some later modules might feel rushed or lack complex scenarios.

"Some of the later modules on asymmetric information felt a bit rushed, but overall, a solid course."

"I found some of the later examples a bit too simplified for complex topics, making it hard to apply them."

"Some topics could have been explored with more complex scenarios."

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.

Browse courses on Microeconomics

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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.

Browse courses on Price Discrimination

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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.

Browse courses on Game Theory

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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.

Browse courses on 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.

Browse courses on Public Goods

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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.

See salaries and explore the career path for Consultant

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.

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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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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.

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