Principles of Microeconomics: An Economist Way of Thinking from edX

Recent global economic and non-economic events have highlighted the importance of informed and well reasoned decision making of resource allocation and efficiency. This course focuses on how decision making units within the economy (e.g. consumers, firms, government departments) make choices and how choices can be made in a way that makes best possible use of limited available resources. Since life is in large part about making choices, this course will help you to understand why the world is the way it is, and in so doing, shed light on how it might be changed for the better.

Firstly the course equips you to think and see the world like an economist. Topic areas include advancing your knowledge in comparative advantage and opportunity cost. The next area, supply and demand, focuses on how choices are made in a market system and how an economic system coordinates many rational choices of self-interested decision-makers. You will explore the application of economic theory and economic efficiency of competitive markets, as well as consumer and producer surplus and deadweight loss.

This MOOC is part of the Professional Certificate in Microeconomics. We recommend that you explore the other two courses of the program, Competitive and Imperfectly Competitive Markets and Social Microeconomics. The program is based on a core microeconomics course taught on campus at The University of Queensland. Don't wait to enroll and begin learning from industry experts now!

If you are interested in pursuing economics further, UQx provides an accompanying Professional Certificate in Macroeconomics program running in parallel to this course. Building on your knowledge of microeconomics with this additional program will provide you with a strong foundation of economics.

Overall, this course is for everyone, whether you are studying at university, a career professional interested in expanding your economic knowledge, or simply curious about global economic behaviour and what influences it.

What's inside

Learning objectives

The topics that are covered within this course include:
Real world examples of comparative advantage and opportunity cost
Economic methodologies and rules that help individuals make rational choices

Supply and demand theory and practical application is thoroughly explored
How rational choices are made and the role of economic cost benefit analysis

The topics that are covered within this course include:
Real world examples of comparative advantage and opportunity cost
Economic methodologies and rules that help individuals make rational choices
Supply and demand theory and practical application is thoroughly explored
How rational choices are made and the role of economic cost benefit analysis

Good to know

Know what's good

, what to watch for

, and possible dealbreakers

Develops and strengthens foundational economic principles, including comparative advantage and opportunity cost

Provides a strong foundation for understanding economic markets, including supply and demand

Taught by industry experts, including Carl Sherwood, providing access to real-world perspectives

Introduces economic methodologies and rules to aid in rational decision-making

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 Principles of Microeconomics: An Economist Way of Thinking with these activities:

Economics Book Review

Show steps

Reviewing this seminal textbook will reinforce the course topics, enhance foundational economic principles, and lay a solid foundation for the course.

Show steps

Read through each chapter
Create a concept summary
Solve end-of-chapter exercises

Consumer and Producer Surplus Exercises

Show steps

Solving practice exercises on consumer and producer surplus will strengthen analytical skills, enhance understanding of market efficiencies, and solidify the concepts.

Browse courses on Consumer Surplus

Show steps

Review the concept of consumer and producer surplus
Solve a variety of practice problems
Analyze the results and identify patterns

Competitive Advantage in Practice

Show steps

Exploring real-world examples of competitive advantage will provide practical context, solidify theoretical concepts, and foster critical thinking.

Browse courses on Comparative Advantage

Show steps

Research case studies of companies or countries utilizing comparative advantage
Analyze the factors contributing to their success
Evaluate the impact of competitive advantage on the global economy

Five other activities

Expand to see all activities and additional details

Show all eight activities

Supply and Demand Graphing Project

Show steps

Creating visual representations of supply and demand graphs will deepen understanding of market dynamics, equilibrium prices, and market outcomes.

Browse courses on Supply and Demand

Show steps

Select a specific market or industry
Gather data on supply and demand factors
Plot the supply and demand curves
Analyze the graph and identify the equilibrium point

Economic News Analysis Binder

Show steps

Compiling economic news articles will provide up-to-date insights, enhance analytical skills, and promote critical engagement with current events.

Show steps

Regularly collect and organize news articles on economic topics
Summarize the key points and economic concepts covered
Reflect on the implications and connect it to the course material

Market Analysis and Economic Decision-Making

Show steps

Engaging in peer discussions on market analysis and decision-making will foster critical thinking, enhance communication skills, and encourage diverse perspectives.

Show steps

Prepare a presentation on a specific market or industry
Present the analysis to the group
Participate in group discussions and provide feedback

Macroeconomics Simulation Workshop

Show steps

Participating in a macroeconomics simulation workshop will provide hands-on experience in economic modeling, policy analysis, and decision-making.

Browse courses on Macroeconomics

Show steps

Attend a workshop led by industry experts
Work in teams to simulate economic scenarios
Analyze the results and make policy recommendations

Microeconomics in Action

Show steps

Volunteering with organizations applying microeconomic principles will provide practical experience, foster social responsibility, and bridge theory with real-world impact.

Browse courses on Microeconomics

Show steps

Research organizations working in areas related to microeconomics
Identify a suitable volunteering opportunity
Apply economic principles to address real-world challenges

Career center

Learners who complete Principles of Microeconomics: An Economist Way of Thinking will develop knowledge and skills that may be useful to these careers:

Economist

Economists study how societies allocate scarce resources. They analyze data to understand economic trends and make recommendations for how to improve economic outcomes. This course can help you develop the critical thinking and analytical skills needed to succeed in this role. You will learn how to use economic models to understand how markets work and how government policies can affect the economy.

See salaries and explore the career path for Economist

Market Researcher

Market researchers study market trends and consumer behavior to help businesses make informed decisions. They collect and analyze data to understand what consumers want and need. This course can help you develop the research and analytical skills needed to succeed in this role. You will learn how to use economic models to understand how markets work and how consumer behavior can be influenced.

See salaries and explore the career path for Market Researcher

Financial Analyst

Financial analysts study financial data to make recommendations for investments. They analyze companies, industries, and economies to identify opportunities and risks. This course can help you develop the analytical and problem-solving skills needed to succeed in this role. You will learn how to use economic models to understand how financial markets work and how to make sound investment decisions.

See salaries and explore the career path for Financial Analyst

Management Consultant

Management consultants help businesses improve their performance. They analyze business operations and make recommendations for how to improve efficiency and profitability. This course can help you develop the analytical and problem-solving skills needed to succeed in this role. You will learn how to use economic models to understand how businesses operate and how to make sound management decisions.

See salaries and explore the career path for Management Consultant

Data Analyst

Data analysts collect, clean, and analyze data to help businesses make informed decisions. They use statistical and programming skills to identify trends and patterns in data. This course can help you develop the analytical and problem-solving skills needed to succeed in this role. You will learn how to use economic models to understand how data can be used to make better decisions.

See salaries and explore the career path for Data Analyst

Operations Research Analyst

Operations research analysts use mathematical and analytical techniques to solve business problems. They work with businesses to improve efficiency and profitability. This course can help you develop the analytical and problem-solving skills needed to succeed in this role. You will learn how to use economic models to understand how businesses operate and how to make sound decisions.

See salaries and explore the career path for Operations Research Analyst

Quantitative Analyst

Quantitative analysts use mathematical and statistical models to make investment decisions. They work with hedge funds, investment banks, and other financial institutions to identify opportunities and risks. This course can help you develop the analytical and problem-solving skills needed to succeed in this role. You will learn how to use economic models to understand how financial markets work and how to make sound investment decisions.

See salaries and explore the career path for Quantitative Analyst

Risk Analyst

Risk analysts assess and manage risks for businesses and organizations. They identify potential risks and develop strategies to mitigate them. This course can help you develop the analytical and problem-solving skills needed to succeed in this role. You will learn how to use economic models to understand how risks can be identified and managed.

See salaries and explore the career path for Risk Analyst

Policy Analyst

Policy analysts research and analyze public policy issues. They develop recommendations for how to improve public policy and programs. This course can help you develop the analytical and problem-solving skills needed to succeed in this role. You will learn how to use economic models to understand how government policies can affect the economy and society.

See salaries and explore the career path for Policy Analyst

Urban Planner

Urban planners design and plan the use of land in cities and towns. They work with communities to create sustainable and livable environments. This course can help you develop the analytical and problem-solving skills needed to succeed in this role. You will learn how to use economic models to understand how land use can affect communities and how to make sound planning decisions.

See salaries and explore the career path for Urban Planner

Transportation Planner

Transportation planners plan and design transportation systems. They work with communities to create efficient and sustainable transportation networks. This course can help you develop the analytical and problem-solving skills needed to succeed in this role. You will learn how to use economic models to understand how transportation systems can affect communities and how to make sound planning decisions.

See salaries and explore the career path for Transportation Planner

Environmental Economist

Environmental economists study the economic effects of environmental policies and regulations. They work with governments and businesses to develop policies that protect the environment and promote economic growth. This course can help you develop the analytical and problem-solving skills needed to succeed in this role. You will learn how to use economic models to understand how environmental policies can affect the economy and the environment.

See salaries and explore the career path for Environmental Economist

Actuary

Actuaries use mathematical and statistical models to assess and manage risks. They work with insurance companies, pension funds, and other financial institutions to develop products and services that protect against financial risks. This course can help you develop the analytical and problem-solving skills needed to succeed in this role. You will learn how to use economic models to understand how risks can be identified and managed.

See salaries and explore the career path for Actuary