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Microeconomics for Business Professionals

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Arinna Butler Roxa, MBA

4.4

Based on 9 ratings

, see reviews

Arinna Butler Roxa, MBA

This course is an introduction to basic concepts governing the operation of the microeconomy, with specific emphasis placed on understanding microeconomic theory, policy, and issues as they relate to business decision-making. Students successfully completing this course will be able to comprehend the workings of the supply and demand model from both a graphical and mathematical perspective, explain the role that elasticity plays in the supply and demand model and know how to calculate and interpret various elasticities, understand utility maximization and the theory of consumer behavior, explain how cost structures differ in the short run and the long run, analyze various market structures in terms of their economic performance, and understand the workings of the various factor markets.

What's inside

Learning objectives

Evaluate the implication of supply and demand and the effects of elasticity as it relates to various markets.
Interpret and graphically express cost curves to determine price point or profit of all types of markets.
Differentiate the characteristics of competitive, monopolistically competitive, oligopoly, and monopolistic market environments.

Illustrate fundamental economic principles by identifying economic problems and proposing available alternatives.
Interpret the market demand for labor and changes to the market demand for labor.

Evaluate the implication of supply and demand and the effects of elasticity as it relates to various markets.
Interpret and graphically express cost curves to determine price point or profit of all types of markets.
Differentiate the characteristics of competitive, monopolistically competitive, oligopoly, and monopolistic market environments.
Illustrate fundamental economic principles by identifying economic problems and proposing available alternatives.
Interpret the market demand for labor and changes to the market demand for labor.

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Read about what's good

what should give you pause

and possible dealbreakers

Provides a solid grounding in microeconomic theory, which supports data-driven decision-making and problem-solving

Instructors have a wealth of experience in the field, ensuring learners are exposed to current industry practices and insights

Course may require additional resources or support for learners with limited background in economics

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Reviews summary

Microeconomics for business professionals: practical insights

According to learners, this course offers a largely positive and well-structured introduction to microeconomics, specifically tailored for business professionals. Students consistently praise the instructor's ability to simplify complex ideas and the course's emphasis on applying economic principles to real-world business scenarios and decision-making. While many found the content highly relevant and practical, a few learners noted that it occasionally felt too theoretical or wished for more advanced application. Additionally, some found the mathematical aspects challenging without a strong quantitative background, suggesting it's best for those seeking a foundational understanding with a business focus.

Instructor simplifies complex topics effectively and clearly.

"The instructor, Professor Davis, broke down complex topics like market structures and elasticity into understandable, practical examples."

"Professor Davis does a fantastic job of illustrating economic principles with business examples."

"The instructor's ability to simplify complex ideas was excellent."

"I found this course very informative... The material was presented clearly and with good examples."

Excellent application of microeconomics to business contexts.

"This course was exactly what I needed to bridge the gap between academic microeconomics and real-world business applications."

"I particularly appreciated the case studies which allowed me to apply the concepts directly to business scenarios."

"Understanding the underlying market dynamics is crucial. This course provided a strong framework for thinking about business decisions through an economic lens."

"The concepts were tied to real-world scenarios, which significantly improved my understanding of economic forces impacting my industry."

Quantitative explanations challenging for some learners.

"I struggled with this course... I found the mathematical aspects quite challenging and sometimes inadequately explained for someone without a strong quantitative background."

"It might be better for those with more prior exposure to economics or math."

"Some parts, especially the mathematical derivations, could be a bit dry, but overall, the focus on practical implications made it worthwhile."

Covers basics well, but some desire more in-depth analysis.

"Decent course, but it felt a bit too theoretical at times for a 'Business Professionals' course. I was hoping for more advanced application or strategic insights."

"The course is okay, but I felt there could be more depth in certain areas. For 'professionals', I expected more advanced insights."

"It's a good starting point, but don't expect deep dives into business strategy from an economic lens."

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 Microeconomics for Business Professionals with these activities:

Microeconomics by Pindyck and Rubinfeld

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Review a foundational textbook to strengthen overall understanding of microeconomic concepts, broadening perspective and providing additional insights beyond the scope of the course.

View Microeconomics on Amazon

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Read a chapter of the textbook
Take notes on the key concepts
Complete the end-of-chapter exercises

Microeconomic Resources Compilation

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Enhance learning experience by organizing and expanding resources on microeconomic concepts, providing a personalized and comprehensive knowledge base for future reference and deeper understanding.

Browse courses on Microeconomics

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Gather resources on microeconomic topics
Organize the resources into a logical structure
Create a compilation of the resources

Simulate Market Equilibrium

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Develop practical problem-solving abilities through interactive simulations of market equilibrium, reinforcing the relationship between supply, demand, and equilibrium.

Browse courses on Supply and Demand

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Find a simulation of market equilibrium
Experiment with different variables to see how they affect equilibrium
Draw a graph of the market equilibrium

Five other activities

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Show all eight activities

Calculate Elasticity

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Practice determining elasticity through repetitive calculations to solidify understanding of elasticity in micro markets.

Browse courses on Supply and Demand

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Review the formula for elasticity
Identify the variables in the formula
Calculate elasticity for various market scenarios

Weekly Market Analysis Report

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Develop analytical skills by synthesizing market data and current events into weekly reports, fostering a deeper understanding of real-world microeconomic applications.

Browse courses on Market Dynamics

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Choose a market to analyze
Gather data on the market
Analyze the data and identify trends
Write a report on your findings

Create Marginal Cost Analysis

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Enhance understanding through interactive guided tutorials on creating marginal cost analysis, allowing for practical application of cost structure theory.

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Find a tutorial on marginal cost analysis
Follow the steps in the tutorial
Apply the concepts you learned to a business scenario

Attend Microeconomics Conference

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Expand professional network and gain exposure to cutting-edge research and industry insights through attending microeconomics conferences, facilitating knowledge exchange and career exploration.

Browse courses on Microeconomics

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Find a microeconomics conference to attend
Register for the conference
Attend the conference and participate in sessions
Network with other attendees

Debate Microeconomic Policies

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Refine critical thinking and communication abilities through peer debates on microeconomic policies, evaluating their impact and effectiveness in real-world scenarios.

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Find a debate partner
Choose a microeconomic policy to debate
Research the policy and prepare your arguments
Debate the policy with your partner

Career center

Learners who complete Microeconomics for Business Professionals will develop knowledge and skills that may be useful to these careers:

Economist

Economists study how economies work and make recommendations on economic policy. They can work in government, academia, or the private sector. Those who wish to enter this career field should take this course because it will help them understand the basic concepts of economics and how they apply to the real world.

See salaries and explore the career path for Economist

Market Research Analyst

Market research analysts study market trends and consumer behavior to help businesses make informed decisions about product development, marketing, and sales. Those who wish to enter this career field should take this course because it will help them understand the basic concepts of economics and how they apply to the real world.

See salaries and explore the career path for Market Research Analyst

Financial Analyst

Financial analysts study financial data to make recommendations on investment decisions. They can work in investment banks, hedge funds, or mutual funds. Those who wish to enter this career field should take this course because it will help them understand the basic concepts of economics and how they apply to the financial markets.

See salaries and explore the career path for Financial Analyst

Management Consultant

Management consultants help businesses improve their performance by providing advice on strategy, operations, and marketing. Those who wish to enter this career field should take this course because it will help them understand the basic concepts of economics and how they apply to the business world.

See salaries and explore the career path for Management Consultant

Marketing Manager

Marketing managers develop and execute marketing campaigns to promote products or services. They can work in a variety of industries, including consumer goods, technology, and healthcare. Those who wish to enter this career field should take this course because it will help them understand the basic concepts of economics and how they apply to marketing.

See salaries and explore the career path for Marketing Manager

Product Manager

Product managers are responsible for the development and launch of new products. They work with engineers, designers, and marketers to bring new products to market. Those who wish to enter this career field should take this course because it will help them understand the basic concepts of economics and how they apply to product development.

See salaries and explore the career path for Product Manager

Sales Manager

Sales managers are responsible for leading and motivating sales teams. They develop sales strategies and work with customers to close deals. Those who wish to enter this career field should take this course because it will help them understand the basic concepts of economics and how they apply to sales.

See salaries and explore the career path for Sales Manager

Business Analyst

Business analysts study business processes and make recommendations on how to improve them. They can work in a variety of industries, including healthcare, finance, and technology. Those who wish to enter this career field should take this course because it will help them understand the basic concepts of economics and how they apply to the business world.

See salaries and explore the career path for Business Analyst

Data Analyst

Data analysts use data to solve business problems. They can work in a variety of industries, including healthcare, finance, and technology. Those who wish to enter this career field should take this course because it will help them understand the basic concepts of economics and how they apply to data analysis.

See salaries and explore the career path for Data Analyst

Operations Manager

Operations managers are responsible for the day-to-day operations of a business. They work with employees, suppliers, and customers to ensure that the business runs smoothly. Those who wish to enter this career field should take this course because it will help them understand the basic concepts of economics and how they apply to business operations.

See salaries and explore the career path for Operations Manager

Supply Chain Manager

Supply chain managers are responsible for the flow of goods and services from suppliers to customers. They work with suppliers, manufacturers, and distributors to ensure that products are delivered to customers on time and at a competitive price. Those who wish to enter this career field should take this course because it will help them understand the basic concepts of economics and how they apply to the supply chain.

See salaries and explore the career path for Supply Chain Manager

Logistics Manager

Logistics managers are responsible for the movement of goods and services from one place to another. They work with transportation companies, warehouses, and distribution centers to ensure that products are delivered to customers on time and at a competitive price. Those who wish to enter this career field should take this course because it will help them understand the basic concepts of economics and how they apply to logistics.

See salaries and explore the career path for Logistics Manager

Transportation Manager

Transportation managers are responsible for the movement of people and goods from one place to another. They work with airlines, trucking companies, and railroads to ensure that people and goods are transported safely and efficiently. Those who wish to enter this career field should take this course because it will help them understand the basic concepts of economics and how they apply to transportation.

See salaries and explore the career path for Transportation Manager

Warehouse Manager

Warehouse managers are responsible for the storage and distribution of goods. They work with suppliers, customers, and transportation companies to ensure that goods are stored and shipped safely and efficiently. Those who wish to enter this career field should take this course because it will help them understand the basic concepts of economics and how they apply to warehousing.

See salaries and explore the career path for Warehouse Manager

Inventory Manager

Inventory managers are responsible for the management of inventory levels. They work with suppliers, customers, and transportation companies to ensure that inventory levels are maintained at optimal levels. Those who wish to enter this career field should take this course because it will help them understand the basic concepts of economics and how they apply to inventory management.

See salaries and explore the career path for Inventory Manager

Reading list

We've selected eight 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 Microeconomics for Business Professionals.

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Intermediate Microeconomics and Its Application

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Widely-used textbook that provides a deeper dive into microeconomic theory. It covers advanced concepts that can enhance the understanding of the course material.

Intermediate Microeconomics and Its Application...

Intermediate Microeconomics and Its Application

Intermediate Microeconomics and Its Application...

Intermediate Microeconomics and Its Application

Intermediate Microeconomics and Its Application,...

Intermediate Microeconomics and Its Application

Intermediate Microeconomics and Its Application

Principles of Microeconomics

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Widely-adopted textbook for introductory microeconomics courses. It provides a clear and concise overview of the fundamental principles of microeconomics.

Principles of Microeconomics

Principles of Microeconomics

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Economics of Strategy

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Offers a more contemporary approach to microeconomic theory, with a focus on empirical applications and real-world examples. It can provide a valuable supplement to the course material.

Economics of Strategy

Economics of Strategy

Cover image

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Microeconomics of Banking, third edition

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Provides an in-depth analysis of industrial organization, covering topics such as market power, competition, and regulation. It can be particularly useful for students interested in the market structure aspects of the course.

Microeconomics of Banking, third edition

Microeconomics of Banking, third edition

Cover image

Cover image

Intermediate Microeconomics - a Modern Approach

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Offers an intermediate-level treatment of microeconomic theory. It covers more advanced topics and provides a more rigorous mathematical treatment.

Intermediate Microeconomics - a Modern Approach

Intermediate Microeconomics - a Modern Approach

Cover image

Cover image

Advanced Microeconomic Theory

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Offers an advanced treatment of microeconomic theory, covering topics such as game theory, information economics, and behavioral economics. It is recommended for students with a strong background in microeconomics.

Advanced Microeconomic Theory

Advanced Microeconomic Theory (Addison-Wesley...

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Cover image

Financial Markets and Institutions, Global Edition

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Provides an overview of monetary economics and financial markets. It can serve as a useful reference for students interested in the relationship between microeconomics and macroeconomic factors.

Financial Markets and Institutions, Global Edition

Cover image

Cover image

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Provides an introduction to econometrics, the statistical methods used to analyze economic data. It can be a valuable resource for students interested in applying microeconomic principles to empirical analysis.

Econometric Theory and Practice: Frontiers of...

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Rating

4.4

Effort

10 to 18 hours per week for 8 weeks

Level

Introductory

Via

edX

Institution

Doane University

Instructor

Arinna Butler Roxa, MBA

Language

English

Transcript

English

Traffic lights

Read about what's good

what should give you pause

and possible dealbreakers

Provides a solid grounding in microeconomic theory, which supports data-driven decision-making and problem-solving

Instructors have a wealth of experience in the field, ensuring learners are exposed to current industry practices and insights

Course may require additional resources or support for learners with limited background in economics

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