Fundamentals of Microeconomics | Fundamentos de Microeconomía from edX

Are you interested in obtaining a solid background in economics?

This economics course offers a thorough view of markets, including their strengths and failures. You will learn how to view markets from an economist’s perspective to help you better understand the most relevant economic problems.

This course follows a rigorous approach that combines visual arguments with realistic examples to help you connect core economic concepts with your own experience.

At the end of this course, you will be able to answer questions like:

Why do most people in rich countries have a mortgage and why is it a problem that those in the developing world do not?
Why is the environment one of the most challenging problems of modern societies?
How could we estimate the economic impact of cannabis legalization?

The only required knowledge is certain familiarity with graph reading and basic high school mathematics.

Acerca de este curso¿Estás interesado en obtener una base sólida en economía?

Este curso te ofrece una cuidadosa revisión del funcionamiento de los mercados, incluyendo sus ventajas y debilidades. Aprenderás cómo ver los mercados desde el punto de vista de una economista para tener una mejor visión de los problemas económicos más relevantes.Este curso sigue un enfoque riguroso que combina argumentos visuales con ejemplos realistas que te permitirán conectar los conceptos económicos principales con tu propia experiencia.

Al finalizar podrás resolver preguntas como:

¿Por qué la gente de los países ricos tiene una hipoteca mientras que esto no ocurre en los países en desarrollo? ¿Es esto síntoma de un problema?
¿Por qué el medio ambiente es uno de los mayores problemas para las sociedades modernas?
¿Cómo podemos calcular el impacto económico de la legalización del cannabis?

El único requisito para este curso es familiaridad con lectura de gráficos y conocimientos básicos de matemáticas de bachillerato. Aunque el curso está en inglés, dispondrás de subtítulos en español para todos los vídeos y una copia de las transparencias usadas en español.

What's inside

Learning objectives

Basic tools of analysis in economics
The model of perfect competition and its elements
Elasticities and their applications
Taxes, subsidies and government intervention
Market power
Asymmetric information
Externalities
Public goods
Herramientas básicas del análisis económico

El modelo de competencia perfecta y sus elementos
Las elasticidades y sus aplicaciones
Impuestos, subvenciones e intervención del gobierno
Why markets fail and what to do about it:
¿por qué los mercados fallan y que podemos hacer al respecto?:
Poder de mercado
Información asimétrica
Externalidades
Bienes públicos

Basic tools of analysis in economics
The model of perfect competition and its elements
Elasticities and their applications
Taxes, subsidies and government intervention
Market power
Asymmetric information
Externalities
Public goods
Herramientas básicas del análisis económico
El modelo de competencia perfecta y sus elementos
Las elasticidades y sus aplicaciones
Impuestos, subvenciones e intervención del gobierno
Why markets fail and what to do about it:
¿por qué los mercados fallan y que podemos hacer al respecto?:
Poder de mercado
Información asimétrica
Externalidades
Bienes públicos

Syllabus

Week 1: IntroductionScarcity, opportunity cost, efficiency and equity, how are resources allocated in reality? Theories, models and assumptions. Model I of international trade: how countries trade what they have? Model II of international trade: how countries specialize? Some useful economic concepts.

Week 2: The DemandThe market. The model of perfect competition. Other market structures. The demand (I): Introduction. The demand (II): The unit-demand case. The demand (III): The general case. Marginal utilities. Market demands. Linear demands. Movements and shifts.

Week 3: The SupplyThe unit-supply case. The costs. The general case. Movements and shifts. Elasticities (I): Definitions. Elasticities (II): applications.

Week 4: The equilibriumDefinition. The relevance of the equilibrium: logical and experimental support. Applications of the equilibrium (I): comparative statics. Applications of the equilibrium (II): welfare analysis. Measuring welfare. Estimating demand and supply in reality.

Week 5: Government interventionRegulated prices. Taxes (I): classification. Taxes (II): analysis. Taxes (III): welfare. Taxes (IV): the incidence of a tax. Taxes (V): formal analysis.

Week 6: Market failures (I)Introduction to market failures. Market power (I): definition. Market power (II): a model. Market power (III): welfare analysis. Market power (IV): comparative statics. Market power (V): barriers to entry. Market power (VI): solutions. Asymmetric information. Adverse selection. Moral hazard.

Week 7: Market failures (II)Externalities (I). Classification of externalities. Externalities (II) Private solutions to externalities. Externalities (III) Public solutions to externalities. Public goods (I): definition. Public goods (II): analysis.

Good to know

Know what's good

, what to watch for

, and possible dealbreakers

Imparts theoretical knowledge in economics essential for understanding market dynamics

Facilitates learning through visual arguments and practical examples, making complex economic concepts relatable

Instructors are recognized economists, bringing expertise and credibility to the course

Provides a comprehensive overview of market structures, including perfect competition and market power

Covers key topics in economics, such as supply, demand, and externalities, providing a well-rounded foundation

Requires familiarity with graph reading and high school mathematics, making it accessible to learners with basic quantitative skills

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 Fundamentals of Microeconomics | Fundamentos de Microeconomía with these activities:

Review basic economic concepts

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Strengthen your foundation by reviewing basic economic concepts before starting the course.

Browse courses on Supply and Demand

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Read introductory articles or textbooks on microeconomics.
Review online resources such as Khan Academy or Coursera.
Take practice quizzes to test your understanding.

Seek guidance from an economics tutor or professor

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Enhance your learning experience by seeking guidance and support from an experienced economics tutor or professor.

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Identify potential mentors within your institution or online.
Reach out and express your interest in mentorship.
Schedule regular meetings to discuss your progress.

Watch MIT OpenCourseWare videos on microeconomics

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Enhance your understanding of microeconomic principles by following guided tutorials from MIT OpenCourseWare.

Browse courses on Microeconomics

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Visit the MIT OpenCourseWare website and navigate to the Microeconomics course page.
Select the video lectures you want to watch.
Take notes and pause the videos as needed.

Four other activities

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Join a study group to discuss course concepts

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Foster collaboration and reinforce your understanding by joining a study group to discuss course concepts.

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Reach out to fellow students to form a study group.
Set regular meeting times.
Review course materials and discuss key concepts.

Solve practice problems on Coursera

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Reinforce your understanding of microeconomic concepts by solving practice problems on Coursera.

Browse courses on Microeconomics

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Create a Coursera account and enroll in the Microeconomics course.
Complete the practice problems assigned in each module.
Review your answers and identify areas where you need improvement.

Write a blog post summarizing a key economic concept

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Deepen your understanding of a particular economic concept by writing a blog post that summarizes and explains it.

Browse courses on Microeconomics

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Choose an economic concept that you want to cover.
Research the concept thoroughly.
Write a clear and concise blog post that explains the concept.
Publish your blog post and share it with others.

Contribute to an open-source economics project

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Enhance your technical and analytical skills by contributing to an open-source economics project.

Browse courses on Macroeconomics

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Identify open-source economics projects on platforms like GitHub.
Review the project documentation and identify areas where you can contribute.
Make code contributions or provide documentation updates.

Career center

Learners who complete Fundamentals of Microeconomics | Fundamentos de Microeconomía will develop knowledge and skills that may be useful to these careers:

Economist

Economists study how societies allocate resources. Their work involves collecting and analyzing data, developing models, and making recommendations based on their findings. This course provides Economists with a solid understanding of microeconomic principles, which are essential for analyzing markets and understanding how they function. The course covers topics such as supply and demand, market equilibrium, and government intervention. This knowledge is critical for Economists who want to develop effective policies and make sound economic decisions.

See salaries and explore the career path for Economist

Financial Analyst

Financial Analysts use economic principles to evaluate investments and make recommendations to clients. This course provides Financial Analysts with a strong foundation in microeconomics, which is essential for understanding how markets work and how to value assets. The course covers topics such as supply and demand, market equilibrium, and government intervention. This knowledge is critical for Financial Analysts who want to make sound investment decisions and help their clients achieve their financial goals.

See salaries and explore the career path for Financial Analyst

Market Research Analyst

Market Research Analysts study consumer behavior and market trends to help businesses make informed decisions. This course provides Market Research Analysts with a solid understanding of microeconomic principles, which are essential for understanding how markets work and how consumers make decisions. The course covers topics such as supply and demand, market equilibrium, and government intervention. This knowledge is critical for Market Research Analysts who want to develop effective marketing strategies and help businesses succeed.

See salaries and explore the career path for Market Research Analyst

Consultant

Consultants provide expert advice to businesses and organizations on a variety of topics, including economics. This course provides Consultants with a strong foundation in microeconomic principles, which are essential for understanding how markets work and how to make sound business decisions. The course covers topics such as supply and demand, market equilibrium, and government intervention. This knowledge is critical for Consultants who want to help their clients achieve their goals and succeed in the marketplace.

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Policy Analyst

Policy Analysts develop and evaluate government policies. This course provides Policy Analysts with a strong foundation in microeconomic principles, which are essential for understanding how markets work and how government policies can affect them. The course covers topics such as supply and demand, market equilibrium, and government intervention. This knowledge is critical for Policy Analysts who want to develop effective policies and make sound recommendations to policymakers.

See salaries and explore the career path for Policy Analyst

Business Analyst

Business Analysts use data and analysis to help businesses improve their performance. This course provides Business Analysts with a strong foundation in microeconomic principles, which are essential for understanding how markets work and how businesses can compete effectively. The course covers topics such as supply and demand, market equilibrium, and government intervention. This knowledge is critical for Business Analysts who want to help businesses make sound decisions and achieve their goals.

See salaries and explore the career path for Business Analyst

Data Analyst

Data Analysts use data to solve business problems. This course provides Data Analysts with a solid foundation in microeconomic principles, which are essential for understanding how markets work and how to make sound decisions based on data. The course covers topics such as supply and demand, market equilibrium, and government intervention. This knowledge is critical for Data Analysts who want to help businesses make better use of their data and achieve their goals.

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Actuary

Actuaries use mathematics and statistics to assess risk and uncertainty. This course provides Actuaries with a strong foundation in microeconomic principles, which are essential for understanding how markets work and how to quantify risk. The course covers topics such as supply and demand, market equilibrium, and government intervention. This knowledge is critical for Actuaries who want to help businesses and individuals manage risk and make sound financial decisions.

See salaries and explore the career path for Actuary

Investment Banker

Investment Bankers help companies raise capital and advise them on mergers and acquisitions. This course provides Investment Bankers with a strong foundation in microeconomic principles, which are essential for understanding how markets work and how to value assets. The course covers topics such as supply and demand, market equilibrium, and government intervention. This knowledge is critical for Investment Bankers who want to help their clients achieve their financial goals and succeed in the marketplace.

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Marketing Manager

Marketing Managers develop and implement marketing campaigns to promote products and services. This course provides Marketing Managers with a strong foundation in microeconomic principles, which are essential for understanding how markets work and how to reach target customers. The course covers topics such as supply and demand, market equilibrium, and government intervention. This knowledge is critical for Marketing Managers who want to develop effective marketing strategies and help their companies achieve their goals.

See salaries and explore the career path for Marketing Manager

Product Manager

Product Managers develop and manage products. This course provides Product Managers with a strong foundation in microeconomic principles, which are essential for understanding how markets work and how to develop products that meet customer needs. The course covers topics such as supply and demand, market equilibrium, and government intervention. This knowledge is critical for Product Managers who want to launch successful products and help their companies achieve their goals.

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Sales Manager

Sales Managers lead sales teams and develop sales strategies. This course provides Sales Managers with a strong foundation in microeconomic principles, which are essential for understanding how markets work and how to sell products and services effectively. The course covers topics such as supply and demand, market equilibrium, and government intervention. This knowledge is critical for Sales Managers who want to develop effective sales strategies and help their teams achieve their goals.

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Teacher

Teachers educate students in a variety of subjects. This course provides Teachers with a strong foundation in microeconomic principles, which are essential for understanding how markets work and how to explain economic concepts to students. The course covers topics such as supply and demand, market equilibrium, and government intervention. This knowledge is critical for Teachers who want to help their students understand the economy and make informed decisions about their future.

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Journalist

Journalists report on current events and issues. This course provides Journalists with a strong foundation in microeconomic principles, which are essential for understanding how markets work and how to analyze economic data. The course covers topics such as supply and demand, market equilibrium, and government intervention. This knowledge is critical for Journalists who want to report on the economy accurately and provide their readers with a clear understanding of economic issues.

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Lawyer

Lawyers represent clients in legal matters. This course provides Lawyers with a strong foundation in microeconomic principles, which are essential for understanding how the legal system works and how to represent clients effectively. The course covers topics such as supply and demand, market equilibrium, and government intervention. This knowledge is critical for Lawyers who want to help their clients achieve their goals and succeed in the courtroom.

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