Microeconomics Principles Specialization
Gain understanding of consumer & firm behaviors, their responses to market
structure changes, analyze firm behavior in short-run & long-run markets
Master how to analyze different market structures, ie monopoly, oligopoly, &
competitive markets, predict the changes in producer or consumer surplus
Apply economic principles to various aspects of daily life & to inform policy
decisions, utilize these concepts to solve a range of policy questions
Learn to use supply/demand graphs to analyze market movements to
establish economic policies, compute metrics like producer and consumer
surplus
Skills you'll gain
Economics Business Supply And Demand Public Policies
Welcome to this Specialization focused on the principles of Microeconomics. This
program is not merely about the study of money, but explores the functional roles of
individual decision-makers, both consumers and producers, within the larger
economic system.
Across four comprehensive courses, we will provide an introduction to the nature
and functions of product markets, the theory of the firm under various conditions of
competition and monopoly, and the roles governments play in promoting the
economy's efficiency. We will delve into fascinating subjects such as the
environment, love and marriage, crime, labor markets, education, politics, sports,
and business.
This program is perfect for students, professionals interested in economics, or
anyone aiming to make more informed financial decisions. The only prerequisites for
this course are an open mind and a willingness to explore the fascinating world of
economics from unique angles.
Applied Learning Project
By the end of this Specialization, you'll gain vital skills including understanding
consumer and firm behavior, analyzing different types of market structures,
applying economic principles to everyday life, and using supply and demand
diagrams to better comprehend the impact of changes in supply and demand on
price and quantity.
Microeconomics Principles Syllabus
Course Description
Introduction to the functions of individual decision-makers, both consumers and
producers, within the larger economic system. Primary emphasis on the nature and
functions of product markets, the theory of the firm under varying conditions of
competition and monopoly, and the role of government in promoting efficiency in
the economy.
Course Goals and Objectives
Upon successful completion of this course, you will be able to:
Understand consumer and firm behavior.
Analyze different types of market structures (monopoly, oligopoly and a
competitive market).
Apply economic principles to your daily life.
Apply economic principles to solve a wide aspect of policy questions.
Use supply and demand diagrams to analyze the impact of overall changes in
supply and demand on price and quantity.
Analyze the behavior of firms in a perfectly competitive market in the short-
run and the long-run.
Calculate producer and consumer surplus. A
Analyze the behavior of firms in a monopoly or oligopoly, and calculate the
resulting changes in producer or consumer surplus.
Use economic tools to analyze economic policies.
Course Outline
Week 1 Overview
Introduction and Basic Principles
Overview
Welcome to your first week in Microeconomics Principles! As you will quickly see, the things
you learn in this class will probably help you see the world in a different way. Economics is not
just about money, as you may have incorrectly assumed. On the contrary, as you will learn in this
lesson, economics is about how society distributes scarce resources. And, since almost anything
in the world is a scarce resource, from fossil fuels to nice guys, we can apply the rules of
economics to pretty much anything. In this first lesson you will learn the four basic, yet
important concepts that are at the center of modern microeconomics:
1. When people maximize their interest society wins.
2. The cost of doing something is the opportunity that is given up.
3. Trade makes people better off.
4. Rational people take an action only when the marginal net benefits of that action are
positive.
Goals and Objectives
After you actively engage in the learning experiences in this module, you should be able to:
Identify the main economic problem.
Recognize situations in which the concept of the "invisible hand" plays a role in
maximizing society’s welfare.
Differentiate between marginal and average benefits of an activity.
Identify what are the opportunity costs of a good or activity.
Identify the benefits to each person or country engaged in trade.
Key Phrases/Concepts
Keep your eyes open for the following key terms or phrases as you complete the readings and
interact with the lectures. These topics will help you better understand the content in this module.
Marginal benefits and marginal costs
Opportunity costs
Specialization and trade
Invisible hand
Guiding Questions
Develop your answers to the following guiding questions while completing the readings and
working on assignments throughout the week.
Why do we need economics? What is the main economic problem?
What are the opportunity costs of obtaining a good or engaging in an activity?
Why should trade always lead to higher benefits to those involved?
What are the differences between marginal benefits (costs) and average benefits (costs)?
