Introduction to Microeconomics in the Real World from Udemy

Introduction to Microeconomics in the Real World is a complete course of Microeconomics theory and practice. While beginners should have no difficulties, intermediate and advanced students will also satisfy their curiosity. Since the very first classes, we will base our lectures on practical examples and by the end of the course, you will be able to do complex regression analysis for a real company. It will enable you to answer questions such as how much sales should you expect in the upcoming periods, what are the main factors affecting your company sales, and a lot more. Not only you will better understand and manage any company in a business, but also you will be able to act more rationally as a customer simply because you know the rules of the game.

My name is Lilit, and I will be guiding you throughout the course. I am a high performing lecturer at Canada Summer Overseas and my courses at udemy currently have more than 500 students. Besides my teaching experience, I also have in-depth experience at both financial and industrial companies.

Thank you and feel free to watch the sample lecture. Waiting for you to join us at the Introduction to Microeconomics in the Real World course.

What's inside

Learning objectives

Main principles and terms of economics (scarcity, opportunity cost, externality, inflation, etc.)
Observation, assumptions and economic models
The relationship between economy participants
The production possibilities frontier
Microeconomics vs. macroeconomics
Positive vs. normative economics
Specialization and trade
Import/export
Money and its functions
Markets and competition
Demand and supply (movements, shifts, equilibrium)
Price elasticity of demand and its determinants
Income and cross-price elasticity of demand
Price elasticity of supply and its determinants
Price ceiling and price floor
Minimum wage impact on the labor market
Tax burden division among buyers and sellers
Direct vs. indirect taxes
Progressive vs. regressive taxes
Fiscal vs. monetary policy
Consumer and producer surplus
Market efficiency
Deadweight loss and tax revenue
The impact of international trade on importing and exporting countries
Tariff and deadweight loss
Arguments for restricting trade
Positive and negative externalities, social optimum
Policies toward externalities

Public goods and common resources
Tragedy of the commons
The design of the tax system
The costs of production
Economies and diseconomies of scale
Break-even analysis
Competitive market and its characteristics
Monopolies and the reasons why they exist
Natural monoply
Price descrimination
Monopolistic competition and its characteristics
Oligopoly, duopoly and the characteristics
Game theory (prisoner's dilemma, profits maximization, an arms-race game, a common-resources game)
Profit maximization in different markets
The markets for the factors of production
Earnings and discrimination
Maslow's hierarchy of needs
Indifference curves and budget constraint
Substitutes and complements
Income and substitution effects
Economics of asymmetric information (moral hazard, adverse selection)
Political economy
Behavioral economics
Regression analysis and various excel calculations
Building demand function for a real company
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Main principles and terms of economics (scarcity, opportunity cost, externality, inflation, etc.)
Observation, assumptions and economic models
The relationship between economy participants
The production possibilities frontier
Microeconomics vs. macroeconomics
Positive vs. normative economics
Specialization and trade
Import/export
Money and its functions
Markets and competition
Demand and supply (movements, shifts, equilibrium)
Price elasticity of demand and its determinants
Income and cross-price elasticity of demand
Price elasticity of supply and its determinants
Price ceiling and price floor
Minimum wage impact on the labor market
Tax burden division among buyers and sellers
Direct vs. indirect taxes
Progressive vs. regressive taxes
Fiscal vs. monetary policy
Consumer and producer surplus
Market efficiency
Deadweight loss and tax revenue
The impact of international trade on importing and exporting countries
Tariff and deadweight loss
Arguments for restricting trade
Positive and negative externalities, social optimum
Policies toward externalities
Public goods and common resources
Tragedy of the commons
The design of the tax system
The costs of production
Economies and diseconomies of scale
Break-even analysis
Competitive market and its characteristics
Monopolies and the reasons why they exist
Natural monoply
Price descrimination
Monopolistic competition and its characteristics
Oligopoly, duopoly and the characteristics
Game theory (prisoner's dilemma, profits maximization, an arms-race game, a common-resources game)
Profit maximization in different markets
The markets for the factors of production
Earnings and discrimination
Maslow's hierarchy of needs
Indifference curves and budget constraint
Substitutes and complements
Income and substitution effects
Economics of asymmetric information (moral hazard, adverse selection)
Political economy
Behavioral economics
Regression analysis and various excel calculations
Building demand function for a real company
Show more
Show less

Syllabus

Externalities

Introduction

Ten Principles of Economics

Thinking Like an Economist

Traffic lights

Read about what's good

what should give you pause

and possible dealbreakers

Bases lectures on practical examples, which helps learners apply microeconomic principles to real-world business scenarios

Covers core microeconomic principles such as supply and demand, elasticity, and market structures, which are fundamental for economics students

Includes regression analysis and Excel calculations, which are valuable tools for analyzing real-world data in a business context

Explores topics like externalities, public goods, and the design of the tax system, which are relevant to public policy and economic analysis

Examines game theory, behavioral economics, and political economy, which are specialized topics that may be of interest to advanced students

Requires learners to use Excel, which may require learners to purchase a license if they do not already have access to it

Reviews summary

Introduction to microeconomics

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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 Introduction to Microeconomics in the Real World with these activities:

Review Basic Economic Principles

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Reinforce your understanding of fundamental economic concepts to better grasp the nuances of microeconomics.

Browse courses on Scarcity

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Review introductory economics textbooks or online resources.
Complete practice quizzes on basic economic principles.
Define key terms and explain their significance.

Review 'Naked Economics: Undressing the Dismal Science'

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Gain a broader understanding of microeconomic principles through real-world examples and engaging explanations.

View Naked Economics: Undressing the Dismal Science on Amazon

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Read the book, focusing on chapters relevant to the course syllabus.
Summarize key concepts and examples from each chapter.
Relate the book's content to the course lectures and assignments.

Practice Elasticity Calculations

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Sharpen your ability to calculate and interpret different types of elasticity, a crucial skill for understanding market dynamics.

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Find practice problems online or in textbooks.
Calculate price elasticity of demand for various goods.
Calculate income elasticity and cross-price elasticity.
Interpret the results and explain their implications.

Four other activities

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Create a Presentation on Market Structures

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Deepen your understanding of different market structures by creating a presentation that explains their characteristics and implications.

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Research perfect competition, monopoly, monopolistic competition, and oligopoly.
Prepare slides outlining the key features of each market structure.
Include real-world examples of each market structure.
Present your findings to a study group or record a video presentation.

Analyze the Impact of a Real-World Tax

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Apply your knowledge of taxation to a real-world scenario by analyzing the impact of a specific tax on consumers and producers.

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Choose a specific tax (e.g., sales tax, excise tax) in your area.
Research the tax's history, purpose, and revenue generation.
Analyze the tax's impact on consumer prices and producer profits.
Write a report summarizing your findings and conclusions.

Review 'Freakonomics: A Rogue Economist Explores the Hidden Side of Everything'

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Explore unconventional applications of microeconomic principles to enhance your understanding of real-world phenomena.

View Freakonomics Rev Ed: A Rogue Economist Explores... on Amazon

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Read the book, focusing on chapters that relate to microeconomic concepts.
Identify the economic principles at play in each chapter's examples.
Discuss the book's arguments and conclusions with classmates.

Build a Demand Function for a Local Business

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Apply regression analysis to build a demand function for a real company, solidifying your understanding of econometric techniques.

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Choose a local business and obtain sales data.
Identify potential factors affecting sales (price, income, advertising, etc.).
Collect data on these factors.
Perform regression analysis using Excel or other statistical software.
Interpret the results and present your demand function.

Career center

Learners who complete Introduction to Microeconomics in the Real World will develop knowledge and skills that may be useful to these careers:

Economist

An economist studies the production and distribution of resources, goods, and services by collecting and analyzing data, researching trends, and evaluating economic issues. This course, "Introduction to Microeconomics in the Real World" may be useful in providing a firm grasp of microeconomic principles. The course covers a wide range of topics, from supply and demand to market structures and game theory, that can help build a strong foundation for a career as an economist. The course's focus on real-world applications and regression analysis can enhance your ability to apply economic theory to practical problems. For students considering an advanced degree (master's or phd), this can provide an excellent foundation.

See salaries and explore the career path for Economist

Pricing Analyst

A pricing analyst determines optimal pricing strategies for products or services. To be a successful pricing analyst, you need a solid understanding of microeconomic principles. "Introduction to Microeconomics in the Real World" directly addresses this need, providing a thorough grounding in concepts like elasticity of demand, cost of production, and competitive market dynamics. This course may be useful to understand pricing strategies and how they affect demand. The course will enable a pricing analyst to analyze pricing decisions in a company.

See salaries and explore the career path for Pricing Analyst

Financial Analyst

A financial analyst provides guidance to businesses and individuals making investment decisions. This can include valuing companies, analyzing stocks, and preparing financial reports. To be successful as a financial analyst, a deep understanding of microeconomic principles is essential. This course, "Introduction to Microeconomics in the Real World" can help you grasp these principles, including supply and demand, market equilibrium, and the impact of taxes and international trade. The course's coverage of topics like cost of production, competitive markets, and monopolies can provide a solid foundation for analyzing financial data and making informed recommendations. The regression analysis skills taught by the course may be especially valuable to a financial analyst.

See salaries and explore the career path for Financial Analyst

Management Consultant

A management consultant helps organizations solve issues, create value, maximize growth and improve business performance. This person needs a firm grasp of how markets and individual actors work. This course, "Introduction to Microeconomics in the Real World," can help develop that understanding. The course's exploration of topics like market efficiency, externalities, and the costs of production can help you to advise businesses on how to optimize their strategies and improve their bottom line. This course's coverage of game theory may be useful to analyze competitive dynamics and strategic decision-making within organizations.

See salaries and explore the career path for Management Consultant

Business Consultant

A business consultant advises organizations on how to improve their performance and efficiency. This course may be useful in assessing market dynamics and competitive landscapes. "Introduction to Microeconomics in the Real World" will expose you to vital knowledge about various market structures, including competitive markets, monopolies, and oligopolies. The insights into cost analysis, pricing strategies, and market efficiency can help you develop effective solutions for your clients. An understanding of regression analysis, as taught in the course, may be useful to consultants who need to build models or forecast outcomes.

See salaries and explore the career path for Business Consultant

Business Intelligence Analyst

A business intelligence analyst interprets data and transforms it into actionable insights that inform business decisions. This course can help you understand the underlying economic forces that drive market trends and consumer behavior. "Introduction to Microeconomics in the Real World" can equip analysts with the tools to analyze data through an economic lens. The skills in regression analysis may be useful to forecast sales and interpret the factors that influence their company's performance. The course may be particularly valuable for those who need to analyze market data and make strategic recommendations.

See salaries and explore the career path for Business Intelligence Analyst

Market Research Analyst

A market research analyst studies market conditions to examine potential sales of a product or service. This course, "Introduction to Microeconomics in the Real World" may be useful to help you understand market forces such as supply and demand, elasticity, and the impact of government policies, all of which are crucial for accurate market analysis. The course's detailed exploration of consumer and producer behavior, market efficiency, and the costs of production can help ground your research in sound economic principles. This course can enhance an analyst's ability to interpret data and forecast market trends effectively.

See salaries and explore the career path for Market Research Analyst

Policy Analyst

A policy analyst researches and analyzes the impact of government policies on various sectors of the economy and society. "Introduction to Microeconomics in the Real World" provides a strong foundation in microeconomic principles and is useful in understanding the potential effects of different policies. The course's coverage of topics like externalities, public goods, and the design of the tax system is especially relevant for policy analysis. The insights into market efficiency, deadweight loss, and the impact of international trade can help policy analysts evaluate the economic consequences of policy decisions.

See salaries and explore the career path for Policy Analyst

Actuary

An actuary assesses and manages financial risks. To be an actuary, you need a strong understanding of economic principles and statistical analysis. This course, "Introduction to Microeconomics in the Real World" will help you develop the knowledge you need. The course's coverage of topics like externalities, asymmetric information, and behavioral economics can provide insights into how individuals and markets behave under risk. Furthermore, the course's emphasis on regression analysis can help with predictive modeling, which is a core skill for actuaries. The course may be useful for students planning to earn advanced actuarial credentials.

See salaries and explore the career path for Actuary

Data Analyst

A data analyst collects, cleans, and analyzes data to identify patterns and insights. To be a data analyst, you may need to understand how economic principles affect data. This course, "Introduction to Microeconomics in the Real World," introduces students to these principles. The course's emphasis on regression analysis and various Excel calculations can provide you with a practical toolkit for analyzing economic data. This course may be useful for data analysts who work in industries where economic factors play a significant role.

See salaries and explore the career path for Data Analyst

Investment Banker

An investment banker provides financial advice to companies and governments, helping them raise capital through the issuance of stocks and bonds. The ability to assess market conditions and evaluate investment opportunities is key to success. This course, "Introduction to Microeconomics in the Real World" can help an investment banker with economic principles. The course's coverage of topics like market efficiency, externalities, and the impact of international trade can help in assessing the viability of investment opportunities. Especially valuable is the course's focus on regression analysis.

See salaries and explore the career path for Investment Banker

Credit Analyst

A credit analyst analyzes financial data to determine the creditworthiness of individuals and businesses. They assess risk and recommend appropriate credit limits. A strong grasp of economic principles is essential for evaluating the broader economic environment in which borrowers operate. "Introduction to Microeconomics in the Real World" introduces students to principles such as supply and demand, market equilibrium, and the effects of government policies. This course may be useful in understanding how various economic factors can impact a borrower's ability to repay debt.

See salaries and explore the career path for Credit Analyst

Real Estate Analyst

A real estate analyst evaluates properties and market trends to provide investment recommendations. This course may be useful in developing a strong foundation in microeconomics, particularly as it relates to supply and demand. "Introduction to Microeconomics in the Real World" introduces these fundamentals and the course looks at factors such as elasticity, market equilibrium, and the impact of government policies. The course's coverage of topics like externalities, public goods, and the design of the tax system may be useful in understanding how government policies can influence real estate values.

See salaries and explore the career path for Real Estate Analyst

Compensation Analyst

A compensation analyst researches and analyzes employee compensation and benefits programs. "Introduction to Microeconomics in the Real World" provides a foundation in microeconomic principles relevant to labor markets. The course's discussion of topics like minimum wage impacts on the labor market, earnings and discrimination, and the markets for the factors of production is helpful for analyzing compensation structures and their economic effects. This course can help analysts understand the economic forces that shape wage levels and benefit offerings.

See salaries and explore the career path for Compensation Analyst

Compliance Officer

A compliance officer ensures that an organization adheres to laws, regulations, and internal policies. Although seemingly unrelated, microeconomic principles can inform a compliance officer's understanding of market behavior and regulatory impacts. "Introduction to Microeconomics in the Real World" may be useful in providing the skills to analyze the economic implications of regulations and ensure that an organization’s practices align with both the letter and spirit of the law. The knowledge of topics like externalities, market efficiency, and the impact of government policies can aid in assessing the potential consequences of noncompliance and crafting effective compliance strategies.

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Introduction to Microeconomics in the Real World

What's inside

Learning objectives

Syllabus

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Introduction to microeconomics

Activities

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