Monthly Subscription Starting at AED 99 + VAT
- Level Foundation
- Duration 7 hours
- Course by University of Rochester
-
Offered by
About
This opening module of the Power of Markets course covers the basic assumptions about market participants made by economists, the concept of opportunity cost, and the key determinants of supply and demand. We will then learn how to use the supply-demand framework to explain and predict market outcomes and to show how government policies affect those market outcomes. We will look at how quantity demanded and supplied respond to their key determinants in quantitative (elasticity) as well as qualitative terms. The last two weeks of the first module will investigate consumer behavior more closely and show how consumer choices are driven by the interplay of preferences and budget constraints. We will employ the consumer choice framework to examine investor choice as well as policies such as ObamaCare and school choice. Finally, we will also address the concept of how to distribute a given amount of goods across a society’s consumers in the most efficient manner.Modules
Lesson 1
-
4
Videos
-
1
Readings
4
Videos
- Course Materials and General Advice
- Some Preliminaries About Microeconomics
- Basic Assumptions About Market Participants
- Opportunity Cost
1
Readings
- Syllabus
Lesson 2
-
2
Videos
2
Videos
- Sunk Costs/Benefits
- Production Possibility Frontier (PPF)
Lesson 3
-
3
Videos
3
Videos
- The Determinants of Demand
- The Determinants of Supply
- Market Equilibrium
Review Week 1 - Supply and Demand
-
1
Assignment
1
Assignment
- Week 1 Quiz
Lesson 4
-
2
Videos
2
Videos
- Intro to Week 2
- Predicting and Explaining Market Outcomes
Lesson 5
-
2
Videos
2
Videos
- Government Intervention in Markets: Price Ceilings
- Price Elasticity of Demand and it's Relationship to Total Expenditure
Lesson 6
-
4
Videos
4
Videos
- Calculating and Applying Price Elasticity of Demand
- Determinants of Elasticity of Demand
- Three Other Elasticities
- Sharpening your Understanding of Price Elasticity of Demand and Supply
Review Week 2 - Supply and Demand
-
1
Assignment
1
Assignment
- Week 2 Quiz
Lesson 7
-
3
Videos
3
Videos
- Intro to Week 3
- Consumer Preferences
- Sharpening Your Understanding of Indifference Curves
Lesson 8
-
2
Videos
2
Videos
- The Budget Constraint
- The Consumer’s Optimal Choice
Lesson 9
-
4
Videos
4
Videos
- Changes in Income and Consumption Choices
- Accounting for Altruism
- Price Changes and Consumption Choices
- From Individual to Market Demand
Review Week 3 - Consumer Choice
-
1
Assignment
1
Assignment
- Week 3 Quiz
Lesson 10
-
3
Videos
3
Videos
- Intro and Consumer Surplus
- The Price-Consumption Curve and Elasticity of Demand
- Excise Subsidies - Health Care and Consumer Welfare
Lesson 11
-
4
Videos
4
Videos
- Analyzing ObamaCare I
- Analyzing ObamaCare II
- Analyzing School Choice I
- Analyzing School Choice II
Lesson 12
-
2
Videos
2
Videos
- Investor Choice
- Efficiency in the Distribution of Goods
Review Week 4 - Consumer Choice and the Benefits of Exchange
-
1
Assignment
1
Assignment
- Week 4 Quiz
Auto Summary
Discover "The Power of Markets I: The Basics of Supply and Demand and Consumer Behavior," a foundational course in Business & Management on Coursera. This engaging module delves into market assumptions, opportunity cost, and key supply-demand determinants, using frameworks to predict market outcomes and evaluate government policies. It also explores consumer behavior, preferences, budget constraints, and efficient goods distribution. Perfect for beginners, the course is 420 minutes long with Starter and Professional subscription options. Join now to understand market dynamics and consumer choices.
Mark Zupan