Course Description

Basic economic concepts

Mastery unavailable
Introduction to economics: Basic economic concepts
Economic systems: Basic economic concepts
Production possibilities frontier: Basic economic concepts
Comparative advantage and the terms of trade: Basic economic concepts

Supply, demand, and market equilibrium

Demand: Supply, demand, and market equilibrium
Supply: Supply, demand, and market equilibrium
Market equilibrium and changes in equilibrium: Supply, demand, and market equilibrium

Elasticity

Mastery unavailable
Price elasticity of demand: Elasticity
Price elasticity of supply: Elasticity
Income elasticity of demand and cross-price elasticity of demand: Elasticity

Consumer and producer surplus, market interventions, and international trade

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Consumer and producer surplus: Consumer and producer surplus, market interventions, and international trade
Market interventions and deadweight loss: Consumer and producer surplus, market interventions, and international trade
International trade: Consumer and producer surplus, market interventions, and international trade

Consumer theory

Mastery unavailable
Introduction to consumer theory: total utility and marginal utility: Consumer theory
Utility maximization using marginal utility per dollar spent: Consumer theory
Utility maximization with indifference curves: Consumer theory

Production decisions and economic profit

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Introduction to production and costs: Production decisions and economic profit
Production and costs in the short run: Production decisions and economic profit
Production and costs in the long run: Production decisions and economic profit
Types of profit: Production decisions and economic profit
Profit maximization: Production decisions and economic profit
Firm entry, exit, and the shut-down rule: Production decisions and economic profit

Forms of competition

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Perfect competition: Forms of competition
Monopoly: Forms of competition
Price discrimination: Forms of competition
Monopolistic competition: Forms of competition
Oligopoly and game theory: Forms of competition

Factor markets

Mastery unavailable
Introduction to factor markets: Factor markets
Changes in factor demand and supply: Factor markets
Optimal choice of factors in perfectly competitive factor markets: Factor markets
Choosing inputs when factor markets are monopolistically competitive: Factor markets

Market failure and the role of government

Mastery unavailable
Externalities: Market failure and the role of government
Bonus articles: Pollution as a negative externality: Market failure and the role of government
Bonus articles: Innovation as a positive externality: Market failure and the role of government
The four types of goods: private goods, public goods, common resources, and natural monopolies: Market failure and the role of government
Course challenge
Test your knowledge of the skills in this course. Have a test coming up? The Course challenge can help you understand what you need to review.