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Rebecca Stein
We make economics decisions every day: what to buy, whether to work or play, what to study. We respond to markets all the time: prices influence our decisions, markets signal where to put effort, they direct firms to produce certain goods over others. Economics is all around us.
Read more
We make economics decisions every day: what to buy, whether to work or play, what to study. We respond to markets all the time: prices influence our decisions, markets signal where to put effort, they direct firms to produce certain goods over others. Economics is all around us.
Read more
We make economics decisions every day: what to buy, whether to work or play, what to study. We respond to markets all the time: prices influence our decisions, markets signal where to put effort, they direct firms to produce certain goods over others. Economics is all around us.
This course is an introduction to the microeconomic theory of markets: why we have them, how they work, what they accomplish. We will start with the concept of scarcity and how specialization according to comparative advantage helps us achieve more than we could alone. Next we model a marked using the tools of Supply and Demand and learn what well working markets accomplish and what their limit are. We end by exploring the impact of government intervention on perfect markets. Examples are taken from everyday life, from goods and services that we all purchase and use. We will apply the theory to current events and policy debates through weekly exercises. These will empower you to be an educated, critical thinker who can understand, analyze and evaluate market outcomes.
Register for this course and see more details by visiting:
OpenCourser.com/course/tgjkj0/microeconomics
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What's inside
Syllabus
The Concept of Scarcity
Where do markets come from? We will start with understanding the constraint of scarcity that we face and the concept of opportunity cost that reflects the true cost of any decision we make. We will learn to model scarcity using the Production Possibilities Frontier that allows us to visualize tradeoffs, distinguish between efficient, inefficient and unattainable points. We will also discuss how economic growth affects our options and allows us to achieve the previously unattainable.
Read more
Syllabus
The Concept of Scarcity
Where do markets come from? We will start with understanding the constraint of scarcity that we face and the concept of opportunity cost that reflects the true cost of any decision we make. We will learn to model scarcity using the Production Possibilities Frontier that allows us to visualize tradeoffs, distinguish between efficient, inefficient and unattainable points. We will also discuss how economic growth affects our options and allows us to achieve the previously unattainable.
Read more
Specialization & Trade
Trade allows us to achieve the unattainable- we can consume more than we can produce on our own. We will introduce the concept of Comparative Advantage and discuss how gains from specialization allow us to use our resources efficiently. We will apply these concepts to a simple model of trade, showing that now the Consumption Possibilities Frontier allows points outside the Production Possibilities Frontier.
Supply and Demand
We will introduce the central model of Supply & Demand. This will allow you to communicate with other economists and finally understand those business pages and market updates. We will distinguish between a movement along and a movement of the supply & demand curves. We will define market equilibrium as understand that at an equilibrium price there is neither excess demand nor excess supply. We will end by a few scenarios where exogenous changes affect supply and/or demand and analyze the impact on equilibrium price and quantity.
Understanding Markets: Elasticities, Market Surplus, Efficiency, and Equity
There is a lot of terminology this week. We will introduce of the concept of elasticity of demand that measures the responsiveness of quantity demanded to a change in the price of a good. We will explore the relationship between change in price and revenue or sales and how elasticities can help us predict whether a decrease in price will increase or decrease revenue. We then introduce other elasticities of note: cross price elasticity, income elasticity and elasticity of supply. We end the week by exploring the great accomplishment of markets: maximizing the size of the pie or the total benefit to society.
When Government Intervenes
In week four we learnt that the markets maximize the surplus that can be generated. So what happens if the government steps in and intervenes in the market? This week we will analyze price floors and ceilings, taxes and subsidies and learn how the best intentions sometimes lead to very unfortunate results.
Good to know
Good to know
Know what's good ,
what to watch for , and
possible dealbreakers
Introduces supply and demand, which are essential concepts in economics
Uses examples from everyday life to make the concepts understandable
Suitable for beginners looking to gain a foundational understanding of microeconomics
Led by experienced instructor Rebecca Stein
May require additional reading and research for a deeper understanding
Save this course
Save Microeconomics: The Power of Markets to your list so you can find it easily later:
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Reviews summary
Intro to microeconomics: theory-based
According to students, this introductory microeconomics course stands out for its theory-based approach, with a professor who starts from foundational principles and derives concepts in a clear and engaging manner. Learners appreciate the well-structured lectures, but some note that the initial ones can be a bit slow. The course includes quizzes and videos, though some students wish there were more of the former. Overall, learners find the course worthwhile and well-paced.
Course is well-structured and easy to follow.
Professor explains complex concepts well.
"The professor starts from first principles and derives her way through remaining concepts in a simple, yet elegant fashion."
Videos are too long.
"Fewer but longer videos would have been easier."
Not enough quizzes.
"Some of the quiz questions were really good, I wish there had been more of these."
Initial lectures are a bit slow.
"It takes a little while to appreciate the methodology, and the first few lectures seem a bit boring"
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: The Power of Markets with these
activities:
Explore Khan Academy's Microeconomics Tutorials
Show steps
Supplement your learning with interactive tutorials that provide clear explanations and examples.
Browse courses on
Scarcity
Show steps
-
Visit the Khan Academy website and navigate to the Microeconomics section.
-
Select and watch relevant video tutorials.
-
Complete the accompanying exercises to test your understanding.
Delve into 'Economics in One Lesson' by Henry Hazlitt
Show steps
Enhance your comprehension of economic principles and their practical implications by reading a foundational work in the field.
Show steps
-
Acquire the book through a library or online retailer.
-
Read the book thoroughly, taking notes of key concepts.
-
Reflect on the insights presented and connect them to the course material.
Assess Your Understanding through Practice Questions
Show steps
Test your knowledge and identify areas for improvement by solving practice questions and problems.
Show steps
-
Obtain practice questions from textbooks, online resources, or the course instructor.
-
Attempt to solve the questions independently.
-
Review your solutions and identify areas where you need further clarification.
Four other activities
Expand to see all activities and additional details
Show all seven activities
Challenge Yourself with Market Dynamics Simulations
Show steps
Reinforce your understanding of market dynamics and decision-making by engaging in interactive simulations.
Browse courses on
Supply and Demand
Show steps
-
Identify suitable simulation platforms or exercises online.
-
Set up an account and familiarize yourself with the simulation environment.
-
Run simulations under various market conditions and analyze the outcomes.
Engage in Study Group Discussions
Show steps
Foster deeper understanding and retention of concepts through collaborative learning and peer support.
Show steps
-
Form or join a study group with classmates.
-
Regularly meet to discuss course material, ask questions, and share insights.
-
Prepare questions or topics to facilitate productive discussions.
Create Market Analysis Infographics
Show steps
Deepen your understanding by creating visual representations of market dynamics and consumer behavior.
Browse courses on
Market Analysis
Show steps
-
Identify a specific market or industry to analyze.
-
Gather data on market trends, consumer demographics, and competitive factors.
-
Design and create visually engaging infographics that present your analysis.
Develop a Marketing Plan for a New Product or Service
Show steps
Apply your knowledge to a practical scenario by creating a comprehensive marketing plan that considers market dynamics, consumer behavior, and competitive factors.
Browse courses on
Marketing Strategy
Show steps
-
Define the target audience and their needs.
-
Conduct market research to analyze competition and identify opportunities.
-
Develop a comprehensive marketing strategy that includes branding, pricing, and distribution.
-
Outline key performance indicators (KPIs) to track the effectiveness of your plan.
Explore Khan Academy's Microeconomics Tutorials
Show steps
Supplement your learning with interactive tutorials that provide clear explanations and examples.
Browse courses on
Scarcity
Show steps
Show steps
Show steps
- Visit the Khan Academy website and navigate to the Microeconomics section.
- Select and watch relevant video tutorials.
- Complete the accompanying exercises to test your understanding.
Delve into 'Economics in One Lesson' by Henry Hazlitt
Show steps
Enhance your comprehension of economic principles and their practical implications by reading a foundational work in the field.
Show steps
Show steps
Show steps
- Acquire the book through a library or online retailer.
- Read the book thoroughly, taking notes of key concepts.
- Reflect on the insights presented and connect them to the course material.
Assess Your Understanding through Practice Questions
Show steps
Test your knowledge and identify areas for improvement by solving practice questions and problems.
Show steps
Show steps
Show steps
- Obtain practice questions from textbooks, online resources, or the course instructor.
- Attempt to solve the questions independently.
- Review your solutions and identify areas where you need further clarification.
Four other activities
Expand to see all activities and additional details
Show all seven activities
Challenge Yourself with Market Dynamics Simulations
Show steps
Reinforce your understanding of market dynamics and decision-making by engaging in interactive simulations.
Browse courses on
Supply and Demand
Show steps
Show steps
Show steps
- Identify suitable simulation platforms or exercises online.
- Set up an account and familiarize yourself with the simulation environment.
- Run simulations under various market conditions and analyze the outcomes.
Engage in Study Group Discussions
Show steps
Foster deeper understanding and retention of concepts through collaborative learning and peer support.
Show steps
Show steps
Show steps
- Form or join a study group with classmates.
- Regularly meet to discuss course material, ask questions, and share insights.
- Prepare questions or topics to facilitate productive discussions.
Create Market Analysis Infographics
Show steps
Deepen your understanding by creating visual representations of market dynamics and consumer behavior.
Browse courses on
Market Analysis
Show steps
Show steps
Show steps
- Identify a specific market or industry to analyze.
- Gather data on market trends, consumer demographics, and competitive factors.
- Design and create visually engaging infographics that present your analysis.
Develop a Marketing Plan for a New Product or Service
Show steps
Apply your knowledge to a practical scenario by creating a comprehensive marketing plan that considers market dynamics, consumer behavior, and competitive factors.
Browse courses on
Marketing Strategy
Show steps
Show steps
Show steps
- Define the target audience and their needs.
- Conduct market research to analyze competition and identify opportunities.
- Develop a comprehensive marketing strategy that includes branding, pricing, and distribution.
- Outline key performance indicators (KPIs) to track the effectiveness of your plan.
Career center
Learners who complete Microeconomics: The Power of Markets will develop knowledge and skills
that may be useful to these careers:
Market Researcher
Market Researcher
As a Market Researcher, you will learn to study the demand for products and services. You will explore the behaviors and preferences of consumers through surveys and other data collection methods. This course will equip you with the tools you need to gather and interpret data on markets. You will also learn about the economic theory of markets to predict market trends and make recommendations to businesses on how to adjust their pricing and marketing strategies.
Marketing Manager
Marketing Manager
As a Marketing Manager, you will lead the development and implementation of marketing campaigns. You will use your knowledge of market trends to target specific audiences and create persuasive marketing messages. This course will help you understand the economic factors that influence consumer behavior. You will also learn how to use data to track the effectiveness of your marketing campaigns.
Public Policy Analyst
Public Policy Analyst
As a Public Policy Analyst, you will research and analyze public policy issues. You will use your knowledge of economics to assess the potential impact of different policy proposals. This course will help you understand the economic principles that guide public policy. You will also learn how to use economic data to evaluate the effectiveness of public programs.
Financial Analyst
Financial Analyst
As a Financial Analyst, you will evaluate the financial health of companies and make recommendations on investments. You will use your knowledge of economics to assess the risks and rewards of different investment opportunities. This course will help you understand the role of markets in the financial system. You will also learn how to use economic data to make sound investment decisions.
Data Scientist
Data Scientist
As a Data Scientist, you will use data to solve business problems. You will use your knowledge of economics to analyze economic data and develop economic models. This course will provide you with a solid foundation in microeconomic theory. You will also learn how to use economic tools to analyze real-world problems.
Consultant
Consultant
As a Consultant, you will provide advice to businesses and organizations on how to improve their performance. You will use your knowledge of economics to analyze business data and identify areas for improvement. This course will help you understand the economic principles that drive business decision-making. You will also learn how to use economic data to make recommendations on how to improve business operations.
Investment Banker
Investment Banker
As an Investment Banker, you will help companies raise capital. You will use your knowledge of economics to assess the financial health of companies and make recommendations on how to structure their offerings. This course will help you understand the role of markets in the financial system. You will also learn how to use economic data to make sound investment decisions.
Economist
Economist
As an Economist, you will study the production, distribution, and consumption of goods and services. You will use your knowledge of economics to analyze economic data and develop economic models. This course will provide you with a solid foundation in microeconomic theory. You will also learn how to use economic tools to analyze real-world problems.
Business Analyst
Business Analyst
As a Business Analyst, you will help businesses improve their performance. You will use your knowledge of economics to analyze business data and identify areas for improvement. This course will help you understand the economic principles that drive business decision-making. You will also learn how to use economic data to make recommendations on how to improve business operations.
Product Manager
Product Manager
As a Product Manager, you are responsible for the development and launch of new products. You will use your knowledge of economics to assess the demand for new products and develop pricing and marketing strategies. This course will help you understand the economic factors that influence consumer behavior. You will also learn how to use data to track the effectiveness of your product launches.
Journalist
Journalist
As a Journalist, you will report on economic news and events. You will use your knowledge of economics to explain complex economic issues to the public. This course will help you understand the economic principles that shape the news. You will also learn how to use economic data to support your reporting.
Lawyer
Lawyer
As a Lawyer, you may use economic principles to analyze legal issues. This course will help you understand the economic principles that underlie the legal system. You will also learn how to use economic data to support your legal arguments.
Teacher
Teacher
As a Teacher, you may teach economics to students. This course will provide you with a solid foundation in microeconomic theory. You will also learn how to use economic tools to explain economic concepts to students.
Social Worker
Social Worker
As a Social Worker, you may help people who are struggling financially. This course will help you understand the economic factors that contribute to poverty and inequality. You will also learn how to use economic data to evaluate the effectiveness of social programs.
Urban Planner
Urban Planner
As an Urban Planner, you may use economic principles to design cities. This course will help you understand the economic factors that affect urban development. You will also learn how to use economic data to assess the impact of different planning decisions.
For more career information including salaries, visit:
OpenCourser.com/course/tgjkj0/microeconomics
Reading list
We've selected 30 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: The Power of Markets.
Microeconomics, by Pindyck and Rubinfeld, popular and widely-used textbook for introductory microeconomics courses. It provides a comprehensive and up-to-date overview of the field, covering both basic concepts and advanced topics.
Save
This popular textbook provides conceptual overviews and mathematical explanations of main microeconomic models. Being a college-level textbook, it has additional depth and rigor.
Offers a complete and up-to-date overview of the microeconomic theory and its applications. It useful textbook for a microeconomic course.
This college-level textbook is an accessible and concise introduction to microeconomic theory. It uses an informal, conversational tone and numerous real-world examples to make the subject matter easy to understand.
Save
Principles of Microeconomics, by Mankiw, is another popular textbook for introductory microeconomics courses. It is known for its clear and concise writing style, and its focus on real-world examples.
Save
This widely-used textbook for microeconomics provides an excellent supplemental reference for this course. It provides more depth and different insights from the course. It is more valuable as a reference than for current reading given the amount of detail given.
Provides a user-friendly introduction to microeconomic theory, with a focus on real-world applications and examples. It is written in a clear and concise style, making it accessible to a wide range of readers.
Save
Uses engaging and often surprising examples to show how microeconomic principles work in the real world. It good choice for current reading to supplement the course.
Save
Provides real-world examples of microeconomic principles in a fun and engaging way. It good choice for current reading to supplement the course.
Microeconomic Theory, by Nicholson, more advanced textbook that provides a rigorous treatment of microeconomic theory. It good choice for students who want to learn more about the mathematical foundations of microeconomics.
Provides a clear and concise explanation of the supply and demand model. It good choice for current reading to supplement the course.
Provides a critical examination of the role of markets and government intervention in the economy. It challenges the traditional view of markets as always leading to efficient outcomes and explores the various ways in which markets can fail.
This classic work in political science explores the challenges of collective action, such as the free rider problem. It provides insights into why individuals and groups often fail to cooperate, even when it is in their best interests to do so.
The Theory of Industrial Organization, by Tirole, classic textbook on the economics of industrial organization. It provides a comprehensive overview of the field, covering topics such as market structure, firm behavior, and antitrust policy.
Save
Explores the concept of nudging, which involves using subtle changes in the environment to encourage people to make better choices. It provides insights into how nudges can be used to improve decision-making in a variety of areas, such as health, wealth, and happiness.
Provides a comprehensive overview of advanced microeconomic theory. It good choice for students who want to learn more about the subject.
Save
The Economics of Money, Banking, and Financial Markets, by Mishkin, textbook that provides a comprehensive overview of the financial system. It covers topics such as the role of money, the banking system, and the financial markets.
Provides a detailed and rigorous treatment of microeconomic theory. It good choice for students who want to learn more about the subject.
Save
Econometrics, by Hansen, textbook that provides a comprehensive overview of econometrics. It covers topics such as regression analysis, time series analysis, and forecasting.
Save
Provides a humorous and thought-provoking look at economics. It explores a wide range of topics, from the economics of love to the economics of crime.
Applies microeconomic principles to the business world.
Save
Focuses on topics such as wage determination and income redistribution.
This classic work in economics explores the nature and causes of the wealth of nations. It must-read for anyone who wants to understand the history of economic thought.
Uses microeconomic principles to analyze public policy issues.
Explores the long-term trends in wealth and inequality. It provides a comprehensive analysis of the forces that are shaping the global economy.
Save
Focuses on how information influences economic behavior.
Save
Explores the causes and consequences of inequality. It provides a powerful indictment of the current economic system and offers a number of policy recommendations to reduce inequality.
Save
Explores the relationship between inequality and a range of social problems, such as crime, obesity, and mental illness. It provides a powerful argument for reducing inequality in order to create a more just and prosperous society.
Save
Explores the challenges facing capitalism in the 21st century. It provides a number of policy recommendations to ensure that capitalism continues to deliver prosperity for all.
Save
Provides a new framework for thinking about economics. It challenges the traditional focus on GDP growth and instead emphasizes the need to create a sustainable and just economy.
For more information about how these books relate to this course, visit:
OpenCourser.com/course/tgjkj0/microeconomics
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Effort
5 weeks of study, 4-7 hours/week
Via
Coursera
Institution
University of Pennsylvania
Instructor
Rebecca Stein
Language
English
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Good to know
Introduces supply and demand, which are essential concepts in economics
Uses examples from everyday life to make the concepts understandable
Suitable for beginners looking to gain a foundational understanding of microeconomics
Led by experienced instructor Rebecca Stein
May require additional reading and research for a deeper understanding
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