What drives supply for goods and services? What about demand? How do prices help coordinate market activity? In the Alison free introductory course “Microeconomics: Supply, Demand, and Equilibrium“, you’ll learn some of the fundamental concepts in economics. You’ll discover the relationship between prices, demand, and supply – and how both consumers and suppliers respond to price changes. You’ll get to try your hand at reading demand and supply graphs and learn the factors that cause their curves to shift. You’ll also explore the concept of market equilibrium: where supply and demand intersect.
This course will be ideal for students studying economics, as a resource for teachers, or for anyone who wants to gain a better understanding of the basics of how the economy works.
Microeconomics: Supply, Demand, and Equilibrium Course Content
This course helps you to understand the building blocks of how the economy functions and prepares you to take on more challenging economic material. The course includes the following topics:
- Curve and supply curve.
- The factors that may create a shift in supply or demand.
- Equilibrium quantity and equilibrium price.
- How surplus is created and calculating consumer surplus.
- Elasticity and the determinants of elasticity.
- Using the midpoint formula to calculate the elasticity of supply.
- Who bears the burden of taxes, particularly in reference to social security, wage subsidies, and affordable healthcare.
- Deadweight loss.
- This course first in a series of four courses on Microeconomics.
Summary of Course Main Features
- Provider: Marginal Revolution University
- Duration: 1-2 Hours
- Assessment: Yes
- Certification: Yes
- Level: Academic – Third Level – Level 1