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John Korsak
Demand is a simple yet challenging concept that is essential to understanding how markets function. In this economics course, you will gain a solid understanding of demand, its underlying principles, major determinants and how they are beneficial for individuals, decision makers inside the firm, and policy makers.
Read more
Demand is a simple yet challenging concept that is essential to understanding how markets function. In this economics course, you will gain a solid understanding of demand, its underlying principles, major determinants and how they are beneficial for individuals, decision makers inside the firm, and policy makers.
Read more
Demand is a simple yet challenging concept that is essential to understanding how markets function. In this economics course, you will gain a solid understanding of demand, its underlying principles, major determinants and how they are beneficial for individuals, decision makers inside the firm, and policy makers.
During your time in this course, you will discover how managers can better understand the impact of pricing changes on units sold, revenue and the relationship between products in order to inform strategic planning. You will learn how many programs and policies are designed to change how individuals and businesses interact in the market and you will gain the tools to identify them. Models of consumer choice and demand will guide you in thinking about how individual incentives change and what the likely impact will be of those changes.
All people respond to changing market conditions, but the type and magnitude of those responses can be better understood through the economic model of consumer demand. You will learn how business strategy can benefit from a strong appreciation of elasticity, determinants of demand and how consumers make decisions.
Register for this course and see more details by visiting:
OpenCourser.com/course/j58a6q/economics
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What's inside
Learning objectives
- Why demand is a negative relationship between price and quantity
- How to identify market changes that will impact demand
- How to define the price elasticity of demand
- The relationship between price elasticity of demand and changing market conditions
- Why demand is a negative relationship between price and quantity
- How to identify market changes that will impact demand
- How to define the price elasticity of demand
- The relationship between price elasticity of demand and changing market conditions
Good to know
Good to know
Know what's good ,
what to watch for , and
possible dealbreakers
Introduces fundamental concepts in economics, which is foundational to any career in business, finance, public policy, and many other disciplines
Suitable for beginners who want to build a framework in understanding markets and the interactions within them
Teaches basic principles of managerial economics that are essential in business
Instructs learners on how to analyze data and market trends, which are critical skills in many industries
Covers topics relevant to both individuals and organizations, providing a broad perspective on demand
Taught by instructors who are experienced in economics and business strategy
Save this course
Save Economics: Consumer Demand to your list so you can find it easily later:
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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 Economics: Consumer Demand with these
activities:
Review High School Economics
Show steps
Ensures a solid foundation in economics principles, beneficial for understanding demand.
Browse courses on
Supply and Demand
Show steps
-
Review your high school economics notes or textbooks
-
Focus on the concepts of supply and demand, elasticity, and consumer behavior
Review 'Microeconomics Principles'
Show steps
Understanding the fundamentals of microeconomics will help you grasp the course material more quickly in this course.
Show steps
-
Locate a copy of the book online or in your library
-
skim the table of contents and the first two chapters to get a general overview of the topics covered
-
Read the book cover-to-cover
Watch YouTube Tutorials on Demand
Show steps
Reinforces demand concepts and provides visual aids to broaden understanding.
Show steps
-
Search YouTube for videos on demand
-
Watch several videos to gain multiple perspectives
-
Take notes or summarize the key points
Six other activities
Expand to see all activities and additional details
Show all nine activities
Practice Questions on Determinants of Demand
Show steps
Strengthens understanding of how different factors influence demand and prepares you for assessments.
Show steps
-
Locate practice questions or create your own
-
Solve the questions using the concepts learned in class
-
Review your answers and identify areas for improvement
Marketing Plan for Consumer Demand
Show steps
Create a detailed marketing plan to drive demand for a specific product or service. This hands-on project will enhance your understanding of consumer behavior, segmentation, targeting, and demand generation strategies.
Browse courses on
Marketing Plan
Show steps
-
Define target market and conduct market research
-
Develop value proposition and competitive analysis
-
Outline marketing strategies and tactics
-
Project demand and forecast sales performance
-
Monitor and evaluate marketing plan effectiveness
Discuss Case Studies on Demand
Show steps
Enhances critical thinking and application of demand principles through group discussions.
Browse courses on
Case Studies
Show steps
-
Form a study group with peers
-
Select case studies that illustrate demand concepts
-
Analyze the case studies and discuss the implications for demand
-
Present your findings to the group
Organize and Review Course Materials
Show steps
Improves retention by ensuring a clear understanding and organization of course content.
Browse courses on
Note-Taking
Show steps
-
Gather and organize notes, assignments, and readings
-
Review the materials regularly, focusing on key concepts
-
Create summaries or mind maps to consolidate your understanding
Create a Demand Curve Model
Show steps
Develops a deeper understanding of the demand curve by creating a visual representation.
Show steps
-
Gather data on demand and price
-
Plot the data points on a graph
-
Use a spreadsheet or graphing software to create a fitted curve
-
Analyze the curve to determine the relationship between price and demand
Explain Demand Concepts to Others
Show steps
Strengthens your comprehension by explaining concepts to others and addressing their questions.
Browse courses on
Mentoring
Show steps
-
Identify someone who would benefit from your knowledge of demand
-
Explain the concepts of demand, elasticity, and determinants
-
Answer their questions and provide examples
Review High School Economics
Show steps
Ensures a solid foundation in economics principles, beneficial for understanding demand.
Browse courses on
Supply and Demand
Show steps
Show steps
Show steps
- Review your high school economics notes or textbooks
- Focus on the concepts of supply and demand, elasticity, and consumer behavior
Review 'Microeconomics Principles'
Show steps
Understanding the fundamentals of microeconomics will help you grasp the course material more quickly in this course.
Show steps
Show steps
Show steps
- Locate a copy of the book online or in your library
- skim the table of contents and the first two chapters to get a general overview of the topics covered
- Read the book cover-to-cover
Watch YouTube Tutorials on Demand
Show steps
Reinforces demand concepts and provides visual aids to broaden understanding.
Show steps
Show steps
Show steps
- Search YouTube for videos on demand
- Watch several videos to gain multiple perspectives
- Take notes or summarize the key points
Six other activities
Expand to see all activities and additional details
Show all nine activities
Practice Questions on Determinants of Demand
Show steps
Strengthens understanding of how different factors influence demand and prepares you for assessments.
Show steps
Show steps
Show steps
- Locate practice questions or create your own
- Solve the questions using the concepts learned in class
- Review your answers and identify areas for improvement
Marketing Plan for Consumer Demand
Show steps
Create a detailed marketing plan to drive demand for a specific product or service. This hands-on project will enhance your understanding of consumer behavior, segmentation, targeting, and demand generation strategies.
Browse courses on
Marketing Plan
Show steps
Show steps
Show steps
- Define target market and conduct market research
- Develop value proposition and competitive analysis
- Outline marketing strategies and tactics
- Project demand and forecast sales performance
- Monitor and evaluate marketing plan effectiveness
Discuss Case Studies on Demand
Show steps
Enhances critical thinking and application of demand principles through group discussions.
Browse courses on
Case Studies
Show steps
Show steps
Show steps
- Form a study group with peers
- Select case studies that illustrate demand concepts
- Analyze the case studies and discuss the implications for demand
- Present your findings to the group
Organize and Review Course Materials
Show steps
Improves retention by ensuring a clear understanding and organization of course content.
Browse courses on
Note-Taking
Show steps
Show steps
Show steps
- Gather and organize notes, assignments, and readings
- Review the materials regularly, focusing on key concepts
- Create summaries or mind maps to consolidate your understanding
Create a Demand Curve Model
Show steps
Develops a deeper understanding of the demand curve by creating a visual representation.
Show steps
Show steps
Show steps
- Gather data on demand and price
- Plot the data points on a graph
- Use a spreadsheet or graphing software to create a fitted curve
- Analyze the curve to determine the relationship between price and demand
Explain Demand Concepts to Others
Show steps
Strengthens your comprehension by explaining concepts to others and addressing their questions.
Browse courses on
Mentoring
Show steps
Show steps
Show steps
- Identify someone who would benefit from your knowledge of demand
- Explain the concepts of demand, elasticity, and determinants
- Answer their questions and provide examples
Career center
Learners who complete Economics: Consumer Demand will develop knowledge and skills
that may be useful to these careers:
Market Research Analyst
Market Research Analyst
Market research analysts develop strategies for businesses to maximize their effectiveness or profitability. Understanding consumer behavior is essential for success. Courses that teach how to identify market changes that will impact demand are particularly useful for Market Research Analysts.
Pricing Analyst
Pricing Analyst
Pricing analysts research and evaluate market data to determine optimal pricing for products and services. Courses that teach elasticity of demand, like Economics: Consumer Demand, are crucial for pricing analysts when making these decisions.
Demand Planner
Demand Planner
Demand planners forecast demand for products and services to help businesses plan and optimize their operations. Courses that teach demand, like Economics: Consumer Demand, help demand planners understand the factors that influence demand and make accurate forecasts.
Operations Research Analyst
Operations Research Analyst
Operations research analysts develop and implement mathematical models to help businesses improve their operations. Understanding demand and elasticity, as taught in Economics: Consumer Demand, is essential for operations research analysts to build accurate models.
Marketing Manager
Marketing Manager
Marketing managers develop strategies to promote a company's products or services. Courses that teach demand elasticity, such as Economics: Consumer Demand, are helpful for marketing managers when determining pricing and campaign strategies.
Economist
Economist
Economists study how individuals and businesses make decisions in markets to forecast economic trends and advise clients on financial decisions. Courses that teach demand and elasticity, such as Economics: Consumer Demand, aid economists in predicting how economic changes impact industries.
Quantitative Analyst
Quantitative Analyst
Quantitative analysts use mathematical and statistical models to analyze data and make recommendations for investment decisions. Courses that teach demand and elasticity, like Economics: Consumer Demand, help quantitative analysts understand how market conditions and consumer behavior impact investment outcomes.
Marketing Strategist
Marketing Strategist
Marketing strategists plan and execute marketing campaigns to promote products or services. Understanding consumer demand is key for marketing strategists because it helps them identify target markets and develop effective marketing messages.
Business Analyst
Business Analyst
Business analysts help companies improve their performance and make better business decisions. Courses like Economics: Consumer Demand can help Business Analysts better understand consumer purchasing patterns.
Data Analyst
Data Analyst
Data analysts collect, process, and interpret data to help businesses make informed decisions. Courses that teach demand, like Economics: Consumer Demand, help data analysts understand how data on pricing and consumer responses impacts decision-making.
Financial Analyst
Financial Analyst
Financial analysts guide individuals and organizations in making smart investment decisions. A strong understanding of demand and elasticity is an important part of this decision making process.
Product Manager
Product Manager
Product managers lead the development and marketing of a company's products. Courses like Economics: Consumer Demand can help product managers understand how pricing and demand are related.
Consultant
Consultant
Consultants provide expert advice to businesses and organizations. A strong understanding of demand and elasticity is essential when evaluating companies and making recommendations for improvement.
Public Policy Analyst
Public Policy Analyst
Public policy analysts research and develop policy recommendations for government agencies and non-profit organizations. Economics: Consumer Demand helps public policy analysts understand how policies impact consumer behavior and make informed policy recommendations.
Sales Manager
Sales Manager
Sales managers lead and motivate sales teams to achieve their goals. An understanding of consumer demand can help sales managers develop strategies to increase sales.
For more career information including salaries, visit:
OpenCourser.com/course/j58a6q/economics
Reading list
We've selected 21 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
Economics: Consumer Demand.
Save
This classic work in economics provides a rigorous foundation for understanding consumer behavior. It must-read for anyone interested in the theoretical aspects of demand.
Save
Provides a practical approach to understanding demand. It valuable resource for marketing professionals and students.
This textbook provides a comprehensive overview of microeconomics, including a thorough examination of consumer demand. It valuable resource for students who want to gain a deeper understanding of the concepts covered in the course.
This textbook provides a rigorous foundation for understanding demand analysis. It valuable resource for those seeking a deeper understanding of the topic.
Provides a critical review of consumer demand theory. It challenges some of the traditional assumptions and provides new insights into the topic.
Save
Provides a solid foundation in microeconomics, including a chapter on consumer demand. It valuable resource for students and professionals.
This comprehensive textbook covers the full range of consumer behavior, including demand. It valuable resource for those seeking a broad understanding of the topic.
Provides an in-depth analysis of consumer demand theory and its applications. It is an excellent resource for students who want to learn more about the advanced concepts of demand.
This textbook covers a wide range of managerial economics topics, including demand. It provides a practical perspective on how businesses can use economic principles to make decisions.
Focuses on the marketing perspective of demand. It provides insights into how businesses can understand and influence consumer demand.
Save
Provides a comprehensive overview of consumer behavior, including a chapter on demand. It valuable resource for marketing professionals and students.
Explores the psychological factors that influence consumer demand. It provides valuable insights into how consumers make decisions.
This textbook focuses on the practical aspects of demand forecasting. It provides step-by-step instructions on how to collect, analyze, and forecast demand data.
Save
Provides an introduction to econometrics, which is essential for analyzing consumer demand data. It valuable resource for students who want to learn how to use econometric techniques to test demand models.
Provides a psychological perspective on demand. It valuable resource for researchers in marketing and psychology.
Save
Provides a practical guide to demand forecasting and planning. It valuable resource for professionals in supply chain management and operations.
This introductory textbook presents the concepts of consumer demand in a clear and engaging way. It good starting point for those new to the topic.
Save
This textbook provides a comprehensive overview of marketing management, including a discussion of consumer behavior. It valuable resource for students who want to learn how businesses can use demand analysis to inform their marketing strategies.
Provides a rigorous treatment of the economics of consumer demand. It valuable resource for researchers in economics.
Provides a popular account of the demand curve. It valuable resource for general readers who want to learn more about economics.
Provides a rigorous treatment of the economics of advertising. It valuable resource for researchers in economics.
For more information about how these books relate to this course, visit:
OpenCourser.com/course/j58a6q/economics
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Effort
4 to 6 hours per week for 4 weeks
Level
Introductory
Via
edX
Institution
Babson College
Instructor
John Korsak
Language
English
Transcript
English
Good to know
Introduces fundamental concepts in economics, which is foundational to any career in business, finance, public policy, and many other disciplines
Suitable for beginners who want to build a framework in understanding markets and the interactions within them
Teaches basic principles of managerial economics that are essential in business
Instructs learners on how to analyze data and market trends, which are critical skills in many industries
Covers topics relevant to both individuals and organizations, providing a broad perspective on demand
Taught by instructors who are experienced in economics and business strategy
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