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Firm Level Economics

Markets and Allocations

4.8 Filled star Filled star Filled star Filled star Half star
Based on 1,067 ratings
see reviews
Larry DeBrock

In markets, prices act as rationing devices, encouraging or discouraging production and consumption to find an equilibrium. In this course, you will learn to construct demand curves to capture consumer behavior and supply curves to capture producer behavior. The resulting equilibrium price “rations” the scarce commodity. Additionally, the course examines the ways in which markets are subject government intervention and the impacts of these interventions.

You will be able to:

• Explain how different market structures result in different resource allocations

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In markets, prices act as rationing devices, encouraging or discouraging production and consumption to find an equilibrium. In this course, you will learn to construct demand curves to capture consumer behavior and supply curves to capture producer behavior. The resulting equilibrium price “rations” the scarce commodity. Additionally, the course examines the ways in which markets are subject government intervention and the impacts of these interventions.

You will be able to:

• Explain how different market structures result in different resource allocations

• Model the impact of external shocks to a particular market structure and demonstrate the new equilibrium price and quantity after the impact of this external shock has played out

• Evaluate the efficiency of an equilibrium

• Explain when and why the government might intervene with regulatory authority or antitrust litigation to lessen inefficiencies in some markets

• Describe how information problems can cause inefficient outcomes

• Understand externalities and consider optimal government response to these market failures

This course is part of Gies College of Business’ suite of online programs, including the iMBA and iMSM. Learn more about admission into these programs and explore how your Coursera work can be leveraged if accepted into a degree program at https://degrees.giesbusiness.illinois.edu/idegrees/.

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What's inside

Syllabus

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.
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Traffic lights

Read about what's good
what should give you pause
and possible dealbreakers
Introduces microeconomic principles for a broad audience of learners
Will give a balanced view of efficient and inefficient market mechanisms and structures
Teaches the fundamentals of market equilibrium, from basics to models

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Reviews summary

Foundational microeconomics for business professionals

According to students, this course offers a strong theoretical foundation in firm-level economics, proving invaluable for business and MBA students. Learners particularly praise its clear explanations of complex concepts like market structures, equilibrium, and market failures. While many found the lectures engaging and the assignments challenging yet fair, a minority of reviewers, especially those with limited prior economics background, noted that the course can be quite abstract and might require supplemental study. The course is seen as essential for understanding market dynamics and government intervention, making it a highly recommended choice for career-focused learners.
Opinions vary on the balance between abstract theory and practical business applications.
"I struggled with the abstract nature of some concepts. ... It's definitely for those serious about economic theory, perhaps less so for immediate business application."
"I was hoping for more practical tools for my job, but this felt like pure academic economics. Very disappointed."
"As an MBA student, this course was invaluable. It perfectly balanced theory with practical insights into market behavior."
The course maintains a manageable pace, allowing students to absorb complex topics.
"The pace was manageable."
"The workload was manageable, and the resources provided were sufficient."
"Prepare to put in the work; it's not a walk in the park."
Problem sets and assignments effectively reinforce learning and are fair.
"The problem sets helped reinforce the material."
"The assessments were fair."
"The assignments challenged me but were fair."
Recent reviews suggest improvements in clarity and material relevance compared to older feedback.
"While the content is fundamental, the delivery felt a bit dry, and some of the examples were outdated. I hope they've updated it since I took it."
"This course was incredibly insightful and well-structured."
"The material is presented in such a clear and logical progression."
Complex economic concepts are explained clearly and logically by the instructor.
"The instructor broke down complex economic concepts into understandable modules."
"The lectures were clear, and the problem sets helped reinforce the material."
"The material is presented in such a clear and logical progression."
Provides a robust understanding of economic principles for business contexts.
"This course was incredibly insightful and well-structured. ... It laid a strong foundation for understanding market dynamics."
"As an MBA student, this course was invaluable. It perfectly balanced theory with practical insights into market behavior."
"I particularly liked how market failures were discussed – very insightful. This course is a must for anyone wanting to understand economic forces at play in business."
Beneficial for those with some prior economics knowledge, challenging otherwise.
"I felt it assumed a stronger prior economics background than I had."
"I had to supplement with outside resources to fully grasp everything."
"It definitely requires focus and a good grasp of basic algebra, but it's worth the effort."

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 Firm Level Economics: Markets and Allocations with these activities:
Conduct Demand and Supply Practice Problems
Solving practice problems will help you master how to construct demand and supply curves and analyze market equilibrium
Show steps
  • Locate 10 practice problems online or in a textbook
  • Break down each problem into smaller steps
  • Solve each problem and check your answer
Participate in Virtual Study Groups
Collaboration with peers through virtual study groups will enhance your understanding and problem-solving skills
Show steps
  • Join or form a study group with 2-4 classmates
  • Select a course topic for each session
  • Discuss key concepts, solve problems, and share insights
Explore Game Theory Concepts with Online Tutorials
Guided tutorials will provide you with a deeper understanding of game theory concepts, which are essential for analyzing market interactions
Browse courses on Game Theory
Show steps
  • Review course materials on game theory
  • Search for reputable online tutorials on Coursera or EdX
  • Complete 2-3 tutorials
  • Apply your understanding to market analysis
Four other activities
Expand to see all activities and additional details
Show all seven activities
Participate in Case Competitions
Involving yourself in case competitions will refine your problem-solving abilities and allow you to apply course concepts in a competitive setting
Browse courses on Business Case Analysis
Show steps
  • Identify and register for relevant case competitions
  • Form a team or work individually
  • Analyze the case and develop a solution
  • Present your solution to a panel of judges
Create a Market Analysis Report
Writing a market analysis report will allow you to synthesize and apply your knowledge to a real-world scenario
Browse courses on Market Analysis
Show steps
  • Identify an industry or market of interest
  • Analyze the supply and demand factors
  • Identify market trends and potential disruptions
  • Write a comprehensive report outlining your findings
Design a Presentation on a Market Failure
Creating a presentation on market failures will enhance your understanding and enable you to effectively communicate your knowledge
Browse courses on Market Failure
Show steps
  • Research a specific type of market failure
  • Develop a concise presentation outlining the causes, consequences, and potential solutions
  • Present your findings to classmates or a broader audience
Develop a Market Simulation Model
Building a market simulation model will demonstrate your understanding of market dynamics and allow you to explore different scenarios
Show steps
  • Design the model structure and parameters
  • Develop the code or use a modeling software
  • Run simulations and analyze the results
  • Present your findings in a report or presentation

Career center

Learners who complete Firm Level Economics: Markets and Allocations will develop knowledge and skills that may be useful to these careers:
Economist
Economists research, analyze, and interpret data to provide insights and recommendations on economic issues. This course can help you develop the analytical skills you'll need to succeed in this role. By understanding how prices act as rationing devices and the impact of external shocks in different market structures, you can better understand economic trends and make informed decisions.
See salaries and explore the career path for Economist
Market Research Analyst
Market Research Analysts study market conditions, analyze data, and identify trends to help businesses make informed decisions. This course can help you develop the skills you need to conduct market research and analyze market data effectively. You'll learn how to construct demand and supply curves, model the impact of external shocks, and evaluate the efficiency of market outcomes.
See salaries and explore the career path for Market Research Analyst
Business Analyst
Business Analysts analyze data and develop recommendations to help businesses improve their performance. This course can help you build a foundation in economics, which is essential for understanding how businesses operate. You'll learn how market structures affect resource allocation, how government intervention can impact markets, and how information problems can lead to inefficient outcomes.
See salaries and explore the career path for Business Analyst
Financial Analyst
Financial Analysts analyze financial data to make investment recommendations. This course can help you develop the analytical skills you'll need to succeed in this role. By understanding how markets work and how different market structures affect resource allocation, you can better understand how companies perform and make informed investment decisions.
See salaries and explore the career path for Financial Analyst
Consultant
Consultants provide advice and guidance to businesses on a variety of topics, including economics. This course can help you develop the skills you need to succeed in this role. You'll learn how to analyze market data, identify trends, and make recommendations to help businesses improve their performance.
See salaries and explore the career path for Consultant
Data Scientist
Data Scientists use data to solve business problems. This course can help you develop the analytical skills you'll need to succeed in this role. By understanding how markets work and how different market structures affect resource allocation, you can better understand how businesses operate and make informed decisions.
See salaries and explore the career path for Data Scientist
Marketing Manager
Marketing Managers develop and execute marketing campaigns to promote products and services. This course can help you develop the skills you need to understand market dynamics and target your marketing efforts effectively. You'll learn how to construct demand curves, identify external shocks that could impact your market, and evaluate the efficiency of different marketing channels.
See salaries and explore the career path for Marketing Manager
Product Manager
Product Managers develop and manage products. This course can help you develop the skills you need to understand market needs and develop products that meet those needs. You'll learn how different market structures affect resource allocation, how government intervention can impact your market, and how information problems can lead to inefficient outcomes.
See salaries and explore the career path for Product Manager
Sales Manager
Sales Managers lead and manage sales teams. This course can help you develop the skills you need to understand market dynamics and develop effective sales strategies. You'll learn how different market structures affect resource allocation and how government intervention can impact your market.
See salaries and explore the career path for Sales Manager
Operations Manager
Operations Managers plan and manage the day-to-day operations of a business. This course can help you develop the skills you need to understand market dynamics and develop efficient operations. You'll learn how different market structures affect resource allocation, how government intervention can impact your market, and how information problems can lead to inefficient outcomes.
See salaries and explore the career path for Operations Manager
Supply Chain Manager
Supply Chain Managers oversee the flow of goods and services from suppliers to customers. This course can help you develop the skills you need to understand market dynamics and develop efficient supply chains. You'll learn how different market structures affect resource allocation, how government intervention can impact your market, and how information problems can lead to inefficient outcomes.
See salaries and explore the career path for Supply Chain Manager
Risk Manager
Risk Managers identify and manage risks that could impact a business. This course can help you develop the skills you need to understand market dynamics and identify potential risks. You'll learn how different market structures affect resource allocation, how government intervention can impact your market, and how information problems can lead to inefficient outcomes.
See salaries and explore the career path for Risk Manager
Compliance Officer
Compliance Officers ensure that a business complies with all applicable laws and regulations. This course can help you develop the skills you need to understand market dynamics and comply with relevant laws and regulations. You'll learn how different market structures affect resource allocation, how government intervention can impact your market, and how information problems can lead to inefficient outcomes.
See salaries and explore the career path for Compliance Officer
Auditor
Auditors examine financial records to ensure accuracy and compliance with laws and regulations. This course can help you develop the skills you need to understand market dynamics and audit financial records effectively. You'll learn how different market structures affect resource allocation, how government intervention can impact your market, and how information problems can lead to inefficient outcomes.
See salaries and explore the career path for Auditor
Tax Accountant
Tax Accountants prepare and file tax returns for individuals and businesses. This course can help you develop the skills you need to understand market dynamics and comply with tax laws and regulations. You'll learn how different market structures affect resource allocation, how government intervention can impact your market, and how information problems can lead to inefficient outcomes.
See salaries and explore the career path for Tax Accountant

Reading list

We've selected 14 books that we think will supplement your learning. Use these to develop background knowledge, enrich your coursework, and gain a deeper understanding of the topics covered in Firm Level Economics: Markets and Allocations.
Cover image
Modern Industrial Organization, Global Edition
Save
This textbook provides a comprehensive overview of industrial organization, including topics such as market structure, pricing, and competition. It valuable resource for students who want to learn more about the behavior of firms in different market environments.
Modern Industrial Organization, Global Edition
Paperback
$$$
Cover image
Crooked Thinking or Straight Talk?
Save
This textbook provides a comprehensive overview of game theory, including topics such as non-cooperative games, cooperative games, and bargaining. It valuable resource for students who want to learn more about the theory of strategic decision-making.
Crooked Thinking or Straight Talk?: Modernizing...
Paperback
$$
Crooked Thinking or Straight Talk?: Modernizing...
Kindle Edition
$$
Microeconomic Analysis
Save
This textbook provides a rigorous and comprehensive treatment of microeconomic theory. It covers a wide range of topics, including consumer theory, producer theory, and game theory.
Exercises and Applications for Microeconomic...
Paperback
$$
Cover image
Democratic Federalism
Save
This textbook covers the behavior of entities within economic systems. Starting with individual consumer and producer behavior, the text builds up to market structures like perfect competition, monopoly, and oligopoly
Democratic Federalism: The Economics, Politics, and...
Kindle Edition
$$
Cover image
Arguing About Tastes
Save
This textbook provides a comprehensive overview of information economics, including topics such as asymmetric information, signaling, and screening. It valuable resource for students who want to learn more about the role of information in economic decision-making.
Arguing About Tastes: Modeling How Context and...
Paperback
$$
Cover image
Deals
Save
Provides a theoretical framework for understanding the role of information in economic decision-making. It covers topics such as information asymmetry, signaling, and screening.
Deals: The Economic Structure of Business...
Hardcover
$$
Deals: The Economic Structure of Business...
Kindle Edition
$$
Cover image
Applied International Trade
Save
Provides a comprehensive overview of oligopoly theory, including models of collusion, entry, and pricing. It also discusses the role of government policy in regulating oligopolistic markets.
Applied International Trade Analysis (Studies In...
Paperback
$$$
Applied International Trade
Paperback
$$
Cover image
Strategic Management in the Knowledge Economy
Save
Provides a theoretical framework for understanding the role of information in economic decision-making. It covers topics such as information asymmetry, signaling, and screening.
Strategic Management in the Knowledge Economy
Paperback
Check
Strategic Management in the Knowledge Economy
Kindle Edition
Check
Cover image
Advanced Microeconomic Theory
Save
This textbook provides a graduate-level treatment of microeconomic theory. It covers a wide range of advanced topics, such as general equilibrium theory, mechanism design, and behavioral economics.
Advanced Microeconomic Theory
Hardcover
$$$$
Advanced Microeconomic Theory (Addison-Wesley...
Hardcover
$$$
Cover image
Creating a Learning Society
Save
This textbook provides a comprehensive overview of the microeconomic foundations of public policy. It covers a wide range of topics, including externalities, public goods, and asymmetric information.
Creating a Learning Society: A New Approach to...
Kindle Edition
$
Cover image
Introduction to Econometrics
Save
This textbook provides a comprehensive introduction to econometrics. It covers the basic concepts of econometrics, such as regression analysis and hypothesis testing, and provides applications to a variety of economic and social situations.
Introduction to Econometrics (Pearson Series in...
Kindle Edition
$$$
Introduction to Econometrics, Global Edition
Paperback
$$$
Introduction to Econometrics (3rd Edition)
Paperback
$$
Cover image
Models in Microeconomic Theory
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This textbook provides a clear and concise introduction to game theory. It covers the basic concepts of game theory, such as Nash equilibrium, and provides applications to a variety of economic and social situations.
Models in Microeconomic Theory: 'He' Edition
Paperback
$$
Models in Microeconomic Theory: 'She' Edition
Hardcover
$$$
Cover image
Early Utilitarians
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Provides a clear and concise introduction to game theory. It covers the basic concepts of game theory, such as Nash equilibrium, and provides applications to a variety of economic and social situations.
Early Utilitarians: Lives and Ideals
Paperback
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Early Utilitarians: Lives and Ideals
Kindle Edition
$$
Cover image
Macroeconomics
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This textbook is more introductory to the concepts of microeconomics, with topics such as demand and supply, elasticity, and market equilibrium. It would be useful for those that need additional depth of the basic concepts.
Principles of Macroeconomics
Paperback
$$$$
Principles of Macroeconomics
Kindle Edition
$$$
Macroeconomics
Kindle Edition
$$$$
Brief Principles of Macroeconomics (MindTap Course...
Kindle Edition
$$$
Principles of Macroeconomics (MindTap Course List)
Kindle Edition
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Brief Principles of Macroeconomics
Kindle Edition
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Course image
Rating
4.8 Filled star Filled star Filled star Filled star Half star
Effort
Approx. 18 hours
Level
Intermediate
Via
Coursera
Institution
University of Illinois at Urbana-Champaign
Instructor
Larry DeBrock
Language
English
Transcripts
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Firm Level Economics: Markets and Allocations belongs to the following collections:
  1. Managerial Economics and Business Analysis
  2. Managerial Economics and Business Analysis
Traffic lights
Read about what's good
what should give you pause
and possible dealbreakers
Introduces microeconomic principles for a broad audience of learners
Will give a balanced view of efficient and inefficient market mechanisms and structures
Teaches the fundamentals of market equilibrium, from basics to models
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