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ECON101: Principles of Microeconomics
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Course Introduction
Course Syllabus
Unit 1: Introduction to Economics
1.1: Economics Unveiled: A Beginner's Journey
Scarce Resources
Introduction to Microeconomics
Specialization
Why the Division of Labor Increases Production
Microeconomics versus Macroeconomics
1.2: Scarcity, Choices, Incentives, and Opportunity Costs
Scarcity and Choice
Opportunity Cost and Trade-offs
How Individuals Make Choices Based on Their Budget Constraints
1.3: Economic Decision-Making: Budget Constraint and Thinking in Marginal Terms
Budget Contraints
Budget Line
Marginal Thinking and the Sunk Cost Fallacy
1.4: The Economic Toolbox: Interpreting Diagrams and Equations
Mathematics in Economics
Graph Review
1.5: Economic Models
Models and Theories
Ceteris Paribus
The Production Possibilities Frontier and Social Choices
More on the Production Possibilities Frontier
Absolute and Comparative Advantage
Increasing Opportunity Cost
Allocative Efficiency and Marginal Benefit
Circular Flow Model of Income and Expenditures
Economics, the Economy, and the Biosphere
Unit 1 Assessment
Unit 1 Assessment
Unit 2: Supply and Demand
2.1: Introduction to Demand and Supply
Introduction to Demand and Supply
2.2: Demand for Goods and Services
Demand for Goods and Services
Law of Demand
Change in Demand vs. Change in Quantity Demanded
Changes in Income, Population, or Preferences
Shifts in Demand and Supply for Goods and Services
Normal and Inferior Goods
Price of Related Products and Demand
Change in Expected Future Prices and Demand
Summing Up Factors That Change Demand
2.3: Supply of Goods and Services
Supply of Goods and Services
Law of Supply
Supply
Summing Up Factors That Change Supply
2.4: Market Equilibrium and Demand and Supply Changes
Market Equilibrium
Changes in Equilibrium Price and Quantity: The Four-Step Process
Changes in Market Equilibrium
Self-Check Questions
2.5: Application of Market Equilibrium to the Analysis of the Labor Market and the Financial Markets
Demand and Supply at Work in Labor Markets
Labor Market Equilibrium
The Moral Economy of the Great Resignation
Introduction to Financial Markets
Introduction to Interest
How Businesses Raise Financial Capital
How Households Supply Financial Capital
Unit 2 Assessment
Unit 2 Assessment
Unit 3: Elasticity and its Applications
3.1: The Concept of Elasticity
Introduction to Elasticity
3.2: Elasticities of Demand
Price Elasticity of Demand
Elasticity of Demand
Income Elasticity of Demand
Cross Elasticity of Demand
Polar Cases of Elasticity and Constant Elasticity
3.3: Elasticity of Supply and Its Applications
Elasticity of Supply
Price Elasticity of Supply Determinants
Is the Elasticity the Slope?
3.4: Elasticity, Revenues, and Pricing Decisions
Elasticity and Pricing
Total Revenue and Elasticity
3.5: Elasticity and Its Applications
Taxes and Perfectly Elastic and Inelastic Demand
Elasticity in Areas Other Than Price
Elasticity Review
Unit 3 Assessment
Unit 3 Assessment
Unit 4: Markets and Maximizing Individual Behavior
4.1: Maximizing in the Market Place: Consumer Surplus, Producer Surplus and Social Surplus
Demand, Supply, and Efficiency
Demand Curve as Marginal Benefit Curve
Consumer Surplus
How Much to Produce? Marginal Revenue and Marginal Costs
What Is Producer Surplus?
Equilibrium, Allocative Efficiency, and Total Surplus
4.2: Price Controls and Efficiency
Demand, Supply, and Efficiency
Rent Control, Deadweight Loss, Minimum Wage, and Price Floors
Why Do Governments Enact Price Controls?
4.3: When Markets Fail: Externalities and Introduction to Public Goods
Introduction to Market Failure
Externalities
Positive Externalities of Innovation
Positive Externalities
How Governments Encourage Innovation
Negative Externalities
The Economics of Pollution
Taxes for Factoring in Negative Externalities
The Trade-off between Economic Output and Environmental Protection
Public Goods
4.4: Poverty, Income Inequality, and Discrimination in the Labor Market
Introduction to Poverty and Economic Inequality
Speaking of Poverty Differently
Drawing the Poverty Line
The Poverty Trap
Why Is It So Hard to Escape Poverty?
Income Inequality: Measurement and Causes
Is Inequality Inevitable?
Employment Discrimination
Unit 4 Assessment
Unit 4 Assessment
Unit 5: Introduction to Consumer Choice
5.1: The Rational Consumer, Consumer Preferences, and Consumer Choice
Introduction to Consumer Choices
Diminishing Marginal Utility
Consumption Choices
Equalizing Marginal Utility per Dollar Spent
Budget Line
How Changes in Income and Prices Affect Consumption Choices
Self-Check Questions
5.2: Indifference Curves
Indifference Curves and Marginal Rate of Substitution
Types of Indifference Curves
Indifference Curve Analysis
5.3: Building the Demand Curve from an Indifference Curve Map
Deriving Demand Curve from Tweaking Marginal Utility per Dollar
Demand Curves and Income/Substitution Effects
Unit 5 Assessment
Unit 5 Assessment
Unit 6: The Producer
6.1: Introduction to Production and the Firm
Short Run vs. Long Run Production
Accounting Costs vs. Economic Costs
6.2: Production Decisions in the Short Run
Production in the Short Run
Total Product, Marginal Product, and Average Product
Costs in the Short Run
Fixed and Variable Costs
Self-Check Questions
6.3: Production Decisions in the Long Run
Production in the Short Run and the Long Run
Costs in the Long Run
Long Run Average Total Cost Curve
Economies and Diseconomies of Scale
Unit 6 Assessment
Unit 6 Assessment
Unit 7: Market Structure: Competitive and Non-Competitive Markets
7.1: Perfect Competition
Market Structures
Perfect Competition and Why It Matters
Perfect Competition
How Perfectly Competitive Firms Make Output Decisions
Maximizing Profits
Understanding the Short-Run Shutdown
Review Entry and Exit Decisions in the Long Run
7.2: Non-competitive Markets: Monopoly
Introduction to a Monopoly
How Monopolies Form: Barriers to Entry
Monopoly
How a Profit-Maximizing Monopoly Chooses Output and Price
7.3: Imperfect Competition: Monopolistic Competition and Oligopoly
Introduction to Monopolistic Competition and Oligopoly
Monopolistic Competition
More on Monopolistic Competition
Oligopoly
The Prisoner's Dilemma and the Nash Equilibrium
Oligopolies and Monopolistic Competition
7.4: Monopolies and Antitrust Policies
Firms and Markets for Goods and Services
Corporate Mergers
Regulating Anticompetitive Behavior
Regulating Natural Monopolies
Regulation
Unit 7 Assessment
Unit 7 Assessment
Unit 8: The Role of the Government in a Market Economy
8.1: Public Goods
Public Goods
Rival and Excludable Goods
Public Goods and Bads, Open Access, and Shared Resources
8.2: Government Revenue and Expenditures
Public Finance and Public Choice: The Role of Government in a Market Economy
Introduction to Taxes, Taxes, and Tax Forms, Financial Literacy
Public Finance and Public Choice: Financing Government
8.3: Choices in the Public Sector
Public Interest Theory and Public Choice Theory
8.4: Private Bargaining vs. Government Intervention
Market Failures and Government Policy
The Coase Theorem
Unit 8 Assessment
Unit 8 Assessment
Study Guide
ECON101 Study Guide
Course Feedback Survey
Course Feedback Survey
Certificate Final Exam
ECON101: Certificate Final Exam
Saylor Direct Credit
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ECON101: Principles of Microeconomics
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