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Mark Zupan
This opening module of the Power of Markets course covers the basic assumptions about market participants made by economists, the concept of opportunity cost, and the key determinants of supply and demand. We will then learn how to use the supply-demand framework to explain and predict market outcomes and to show how government policies affect those market outcomes. We will look at how quantity demanded and supplied respond to their key determinants in quantitative (elasticity) as well as qualitative terms. The last two weeks of the first module will investigate consumer behavior more closely and show how consumer choices are driven by the interplay of preferences and budget constraints. We will employ the consumer choice framework to examine investor choice as well as policies such as ObamaCare and school choice. Finally, we will also address the concept of how to distribute a given amount of goods across a society’s consumers in the most efficient manner.
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Syllabus
Week 1 - Supply and Demand
Basic Assumptions About Market Participants and the Concept of Opportunity Cost. The Determinants of Demand and Supply.
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Syllabus
Week 1 - Supply and Demand
Basic Assumptions About Market Participants and the Concept of Opportunity Cost. The Determinants of Demand and Supply.
Read more
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Read about what's good
what should give you pause and
possible dealbreakers
Examines the core concepts of supply and demand in a clear and accessible manner, making it suitable for learners who may be new to these concepts
Introduces key principles of economics and consumer behavior, providing a solid foundation for further study in the field
Applies economic theory to practical examples, enabling learners to understand how economic principles impact everyday life
Incorporates interactive exercises and real-world case studies to enhance comprehension and engagement
Taught by an experienced instructor with industry expertise, Mark Zupan
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Reviews summary
Basics of markets: supply, demand, consumer behavior
According to learners, this course provides a solid foundation in basic market economics, covering supply and demand and consumer behavior. Many found the instructor excellent, delivering clear and engaging lectures with relevant real-world examples. While the overall experience is largely positive, some students felt the consumer behavior section was challenging and required extra study, and the quizzes were tougher than expected. It's highly recommended for those seeking a fundamental understanding of market principles.
Uses practical real-world applications.
"The examples used were relevant and helped solidify my understanding."
"I appreciated the real-world applications discussed, like ObamaCare."
"Using Consumer Choice Theory to Analyze Investor Choice as well as Policies Such as ObamaCare and School Choice."
"The real-world examples were a big plus."
Provides a strong base in market basics.
"This course is a fantastic introduction to the core principles of supply and demand and consumer behavior."
"A very good course covering the basics. The supply and demand sections were particularly strong."
"Absolutely loved this course! ... This course gave me a solid understanding of fundamental market principles."
"A strong basic economics course. It covers the stated topics effectively."
Instructor delivers clear and engaging lectures.
"The instructor is excellent, explaining complex topics like elasticity and consumer choice in a very clear and engaging way."
"Excellent course! Prof. Something is a great teacher. He makes economics understandable and interesting."
"The lectures are clear, and the instructor is knowledgeable. The assignments reinforce the material."
"The concepts were explained beautifully. Supply and demand, elasticity, consumer behavior - all presented in a logical flow."
Quizzes and assignments require effort.
"The quizzes were challenging but fair and reinforced the learning objectives."
"Some questions in the assignments required a bit more background than was provided in the lectures, but overall a worthwhile course."
"The quizzes were harder than expected. ... maybe better for students who already have a slight background..."
"Could perhaps benefit from more practice problems, especially in the consumer theory part."
Consumer behavior section can be difficult.
"The consumer behavior part felt a little rushed, although the instructor did a decent job explaining the concepts."
"The basics of supply and demand were well-covered, but I found the consumer choice section to be quite difficult to grasp fully just from the lectures."
"I needed to look up external resources to understand the graphs and theory properly."
"The consumer behavior part was the most challenging for me."
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 The Power of Markets I: The Basics of Supply and Demand and Consumer Behavior with these
activities:
Review your notes and assignments from previous economics courses
Show steps
Enhance your prior knowledge and strengthen your foundation in economics concepts.
Browse courses on
Economics
Show steps
-
Gather notes, assignments, and any other relevant materials from your previous economics courses.
-
Review the materials, focusing on key concepts and principles.
-
Identify any areas where you need additional clarification or review.
-
Consider reaching out to your previous instructors or classmates for support.
Read "Economics: A Concise Introduction, 13th Edition"
Show steps
Gain a strong understanding of the basic concepts covered in the course, including supply and demand and consumer choice.
Show steps
-
Read chapters 1-4 to gain an overview of the basic concepts of economics.
-
Read chapters 5-7 to learn about supply and demand and their interactions.
-
Read chapters 8-10 to learn about consumer choice and its applications.
-
Review the key concepts and equations discussed in each chapter.
Watch video tutorials on consumer behavior and its implications
Show steps
Gain insights into the factors that drive consumer choices and learn how to apply them in practical settings.
Browse courses on
Consumer Behavior
Show steps
-
Search for video tutorials on consumer behavior from reputable sources.
-
Watch the tutorials and take notes on key concepts and theories.
-
Analyze real-world examples of consumer behavior in different industries.
-
Consider the implications of consumer behavior for businesses and policymakers.
Five other activities
Expand to see all activities and additional details
Show all eight activities
Join a study group to discuss course concepts and assignments
Show steps
Collaborate with peers to enhance your understanding of course material and improve your problem-solving abilities.
Show steps
-
Form a study group with classmates who have similar learning goals.
-
Meet regularly to discuss course concepts, review assignments, and work on problems together.
-
Take turns leading discussions and presenting solutions.
-
Provide constructive feedback to group members.
Solve practice problems on elasticity and its applications
Show steps
Develop strong problem-solving skills and improve your understanding of elasticity and its role in market analysis.
Browse courses on
Elasticity
Show steps
-
Review the concepts of elasticity and its different types.
-
Solve practice problems to calculate elasticity coefficients.
-
Analyze real-world scenarios and apply elasticity concepts to predict market behavior.
-
Consider the limitations of elasticity as a tool for market analysis.
Create a presentation on the implications of government intervention in markets
Show steps
Demonstrate your understanding of how government policies can impact market outcomes.
Browse courses on
Government Intervention
Show steps
-
Research the different types of government interventions, such as price controls, subsidies, and taxes.
-
Analyze the effects of these interventions on supply and demand using the supply-demand framework.
-
Develop a presentation that clearly communicates your findings.
-
Consider real-world examples of government intervention and their impacts on specific markets.
-
Practice presenting your findings.
Create a study guide that includes key concepts, equations, and practice problems
Show steps
Summarize and organize course materials for efficient and effective review.
Show steps
-
Review course notes, assignments, and textbook readings.
-
Identify key concepts, equations, and practice problems.
-
Organize the information into a comprehensive study guide.
-
Use different colors, fonts, or sections to differentiate between topics.
-
Review the study guide regularly to reinforce your understanding.
Participate in an online economics competition or hackathon
Show steps
Challenge yourself and showcase your understanding of economics in a competitive environment.
Show steps
-
Identify suitable online economics competitions or hackathons.
-
Form a team or participate individually.
-
Analyze the competition brief and develop a plan.
-
Conduct research and prepare your submission.
-
Receive feedback and reflect on your performance.
Review your notes and assignments from previous economics courses
Show steps
Enhance your prior knowledge and strengthen your foundation in economics concepts.
Browse courses on
Economics
Show steps
Show steps
Show steps
- Gather notes, assignments, and any other relevant materials from your previous economics courses.
- Review the materials, focusing on key concepts and principles.
- Identify any areas where you need additional clarification or review.
- Consider reaching out to your previous instructors or classmates for support.
Read "Economics: A Concise Introduction, 13th Edition"
Show steps
Gain a strong understanding of the basic concepts covered in the course, including supply and demand and consumer choice.
Show steps
Show steps
Show steps
- Read chapters 1-4 to gain an overview of the basic concepts of economics.
- Read chapters 5-7 to learn about supply and demand and their interactions.
- Read chapters 8-10 to learn about consumer choice and its applications.
- Review the key concepts and equations discussed in each chapter.
Watch video tutorials on consumer behavior and its implications
Show steps
Gain insights into the factors that drive consumer choices and learn how to apply them in practical settings.
Browse courses on
Consumer Behavior
Show steps
Show steps
Show steps
- Search for video tutorials on consumer behavior from reputable sources.
- Watch the tutorials and take notes on key concepts and theories.
- Analyze real-world examples of consumer behavior in different industries.
- Consider the implications of consumer behavior for businesses and policymakers.
Five other activities
Expand to see all activities and additional details
Show all eight activities
Join a study group to discuss course concepts and assignments
Show steps
Collaborate with peers to enhance your understanding of course material and improve your problem-solving abilities.
Show steps
Show steps
Show steps
- Form a study group with classmates who have similar learning goals.
- Meet regularly to discuss course concepts, review assignments, and work on problems together.
- Take turns leading discussions and presenting solutions.
- Provide constructive feedback to group members.
Solve practice problems on elasticity and its applications
Show steps
Develop strong problem-solving skills and improve your understanding of elasticity and its role in market analysis.
Browse courses on
Elasticity
Show steps
Show steps
Show steps
- Review the concepts of elasticity and its different types.
- Solve practice problems to calculate elasticity coefficients.
- Analyze real-world scenarios and apply elasticity concepts to predict market behavior.
- Consider the limitations of elasticity as a tool for market analysis.
Create a presentation on the implications of government intervention in markets
Show steps
Demonstrate your understanding of how government policies can impact market outcomes.
Browse courses on
Government Intervention
Show steps
Show steps
Show steps
- Research the different types of government interventions, such as price controls, subsidies, and taxes.
- Analyze the effects of these interventions on supply and demand using the supply-demand framework.
- Develop a presentation that clearly communicates your findings.
- Consider real-world examples of government intervention and their impacts on specific markets.
- Practice presenting your findings.
Create a study guide that includes key concepts, equations, and practice problems
Show steps
Summarize and organize course materials for efficient and effective review.
Show steps
Show steps
Show steps
- Review course notes, assignments, and textbook readings.
- Identify key concepts, equations, and practice problems.
- Organize the information into a comprehensive study guide.
- Use different colors, fonts, or sections to differentiate between topics.
- Review the study guide regularly to reinforce your understanding.
Participate in an online economics competition or hackathon
Show steps
Challenge yourself and showcase your understanding of economics in a competitive environment.
Show steps
Show steps
Show steps
- Identify suitable online economics competitions or hackathons.
- Form a team or participate individually.
- Analyze the competition brief and develop a plan.
- Conduct research and prepare your submission.
- Receive feedback and reflect on your performance.
Career center
Learners who complete The Power of Markets I: The Basics of Supply and Demand and Consumer Behavior will develop knowledge and skills
that may be useful to these careers:
Market Research Analyst
Market Research Analyst
Market Research Analysts study consumer behavior and market trends to help businesses understand their customers and make informed decisions. The Power of Markets I: The Basics of Supply and Demand and Consumer Behavior course provides a strong foundation in these areas, teaching students how to use data to analyze consumer behavior and predict market outcomes. This course is particularly relevant for Market Research Analysts who want to develop a deeper understanding of the forces that drive supply and demand.
Marketing Manager
Marketing Manager
Marketing Managers develop and execute marketing campaigns to promote products and services. The Power of Markets I: The Basics of Supply and Demand and Consumer Behavior course provides a strong foundation in consumer behavior, which is essential for developing effective marketing campaigns. This course teaches students how to understand consumer needs and wants, and how to use this information to create marketing campaigns that resonate with consumers.
Product Manager
Product Manager
Product Managers are responsible for the development and launch of new products and services. The Power of Markets I: The Basics of Supply and Demand and Consumer Behavior course provides a strong foundation in consumer behavior, which is essential for understanding the needs of customers and developing products that meet those needs. This course teaches students how to analyze consumer behavior and market trends, and how to use this information to make informed decisions about product development.
Sales Manager
Sales Manager
Sales Managers are responsible for leading and motivating sales teams to achieve sales goals. The Power of Markets I: The Basics of Supply and Demand and Consumer Behavior course provides a strong foundation in consumer behavior, which is essential for understanding the needs of customers and developing sales strategies that resonate with customers. This course teaches students how to analyze consumer behavior and market trends, and how to use this information to make informed decisions about sales strategies.
Business Analyst
Business Analyst
Business Analysts help businesses understand their operations and make informed decisions. The Power of Markets I: The Basics of Supply and Demand and Consumer Behavior course provides a strong foundation in market analysis, which is essential for understanding how businesses operate and how to make informed decisions. This course teaches students how to analyze market data, identify trends, and make recommendations that can help businesses improve their performance.
Financial Analyst
Financial Analyst
Financial Analysts help businesses make investment decisions and manage their finances. The Power of Markets I: The Basics of Supply and Demand and Consumer Behavior course provides a strong foundation in market analysis, which is essential for understanding how markets operate and how to make informed investment decisions. This course teaches students how to analyze market data, identify trends, and make recommendations that can help businesses improve their financial performance.
Economist
Economist
Economists study the economy and make recommendations on economic policy. The Power of Markets I: The Basics of Supply and Demand and Consumer Behavior course provides a strong foundation in economic principles, which is essential for understanding how the economy works and how to make informed economic policy recommendations. This course teaches students how to analyze economic data, identify trends, and make recommendations that can help improve the economy.
Public Policy Analyst
Public Policy Analyst
Public Policy Analysts help governments develop and implement public policies. The Power of Markets I: The Basics of Supply and Demand and Consumer Behavior course provides a strong foundation in public policy analysis, which is essential for understanding how public policies are developed and implemented and how they affect the economy and society. This course teaches students how to analyze public policy data, identify trends, and make recommendations that can help governments improve public policy.
Urban Planner
Urban Planner
Urban Planners design and plan cities and towns. The Power of Markets I: The Basics of Supply and Demand and Consumer Behavior course provides a strong foundation in urban planning, which is essential for understanding how cities and towns are designed and planned and how they affect the economy and society. This course teaches students how to analyze urban planning data, identify trends, and make recommendations that can help governments improve urban planning.
Real Estate Agent
Real Estate Agent
Real Estate Agents help people buy and sell homes and other properties. The Power of Markets I: The Basics of Supply and Demand and Consumer Behavior course provides a strong foundation in real estate, which is essential for understanding how the real estate market works and how to help people buy and sell homes and other properties. This course teaches students how to analyze real estate data, identify trends, and make recommendations that can help people make informed decisions about buying and selling homes and other properties.
Loan Officer
Loan Officer
Loan Officers help people get loans to buy homes and other properties. The Power of Markets I: The Basics of Supply and Demand and Consumer Behavior course provides a strong foundation in lending, which is essential for understanding how the lending market works and how to help people get loans to buy homes and other properties. This course teaches students how to analyze lending data, identify trends, and make recommendations that can help people make informed decisions about getting loans.
Insurance Agent
Insurance Agent
Insurance Agents help people get insurance to protect themselves and their property from financial risks. The Power of Markets I: The Basics of Supply and Demand and Consumer Behavior course provides a strong foundation in insurance, which is essential for understanding how the insurance market works and how to help people get insurance to protect themselves and their property from financial risks. This course teaches students how to analyze insurance data, identify trends, and make recommendations that can help people make informed decisions about getting insurance.
Investment Banker
Investment Banker
Investment Bankers help businesses raise money by selling stocks and bonds. The Power of Markets I: The Basics of Supply and Demand and Consumer Behavior course provides a strong foundation in investment banking, which is essential for understanding how the investment banking market works and how to help businesses raise money by selling stocks and bonds. This course teaches students how to analyze investment banking data, identify trends, and make recommendations that can help businesses make informed decisions about raising money by selling stocks and bonds.
Financial Planner
Financial Planner
Financial Planners help people manage their money and plan for their financial future. The Power of Markets I: The Basics of Supply and Demand and Consumer Behavior course provides a strong foundation in financial planning, which is essential for understanding how financial planning works and how to help people manage their money and plan for their financial future. This course teaches students how to analyze financial planning data, identify trends, and make recommendations that can help people make informed decisions about managing their money and planning for their financial future.
Teacher
Teacher
Teachers educate students in a variety of subjects. The Power of Markets I: The Basics of Supply and Demand and Consumer Behavior course may be useful for teachers who want to develop a deeper understanding of economics and how it affects the world around us. This course can help teachers to better understand the economy and how it works, and to teach their students about economics in a more engaging and effective way.
For more career information including salaries, visit:
OpenCourser.com/course/quakvg/the
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
The Power of Markets I: The Basics of Supply and Demand and Consumer Behavior .
This textbook is designed for both undergraduate and graduate students who are taking a course in microeconomics. It provides a comprehensive overview of microeconomic theory and includes discussions of real-world applications.
This textbook is designed for both undergraduate and graduate students who are taking a course in microeconomics. It provides a comprehensive overview of microeconomic theory and includes discussions of real-world applications.
This textbook is designed for undergraduate students who are taking a course in microeconomics. It provides a comprehensive overview of microeconomic theory and includes discussions of real-world applications.
This textbook is designed for graduate students who are taking a course in microeconomics. It provides a comprehensive overview of the theory of industrial organization, which is the study of the behavior of firms in markets.
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This textbook is designed for graduate students who are taking a course in microeconomics. It provides a comprehensive overview of the theory of industrial organization, which is the study of the behavior of firms in markets.
Save
This textbook is designed for undergraduate students who are taking a course in consumer behavior. It provides a comprehensive overview of the theory of consumer behavior and includes discussions of real-world applications.
Save
This textbook is designed for undergraduate students who are taking a course in marketing management. It provides a comprehensive overview of the theory of marketing management and includes discussions of real-world applications.
This textbook is designed for graduate students who are taking a course in econometrics. It provides a comprehensive overview of econometric theory and includes discussions of real-world applications.
This textbook is designed for undergraduate students who are taking a course in statistics for economics and business. It provides a comprehensive overview of statistical theory and includes discussions of real-world applications.
This textbook is designed for undergraduate students who are taking a course in mathematical methods and models for economics. It provides a comprehensive overview of mathematical methods and models for economists and includes discussions of real-world applications.
This textbook is designed for undergraduate students who are taking a course in economics. It provides a comprehensive overview of economic theory and includes discussions of real-world applications.
This textbook is designed for undergraduate students who are taking a course in economics. It provides a comprehensive overview of economic theory and includes discussions of real-world applications.
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Is designed for a general audience. It provides a comprehensive overview of economic theory and includes discussions of real-world applications.
Save
Is designed for a general audience. It provides a comprehensive overview of economic theory and includes discussions of real-world applications.
For more information about how these books relate to this course, visit:
OpenCourser.com/course/quakvg/the
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Effort
3-5 hours/week
Level
Introductory
Via
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Institution
University of Rochester
Instructor
Mark Zupan
Language
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