Microeconomics Principles

Go to Course: https://www.coursera.org/learn/microeconomics

Introduction

# Course Review: Microeconomics Principles on Coursera In the realm of online education, Coursera has established itself as a leading platform, offering an array of courses across various disciplines. One standout offering is the **Microeconomics Principles** course, designed to challenge the common misconception that economics is merely about money. Taught by an engaging and knowledgeable instructor, this course delves into how economic principles apply to multifaceted aspects of human life, making it not just academically enriching but profoundly relatable. ## Overview The Microeconomics Principles course aims to transform your understanding of economics, presenting it as a critical framework for analyzing decisions and behaviors in society, rather than a narrow focus on financial transactions. Throughout the course, students explore economics through diverse lenses, including the environment, love and marriage, crime, labor markets, education, politics, sports, and business. This broad approach highlights how economic reasoning can be beneficial in everyday life, encouraging students to think analytically about the world around them. ## Syllabus Breakdown ### 1. Course Orientation The journey begins with a comprehensive orientation that familiarizes participants with the course structure, classmates, and essential technical skills necessary for success. This foundational step ensures everyone starts with confidence and clarity. ### 2. Introduction and Basic Principles In the first week, students learn that economics is fundamentally about how society manages its scarce resources. This paradigm shift is crucial, as it allows learners to approach problems from a resource allocation standpoint rather than solely monetary concerns. ### 3. Supply and Demand Week two dives into the vital framework of supply and demand, which serves as the backbone of microeconomic theory. Students finally unravel the complexities of this model, setting the stage for deeper economic insights. ### 4. Market Efficiency and Government Policies The third week invites students to evaluate market efficiency using the supply and demand model, addressing the critical question of whether free markets optimally distribute society's resources. ### 5. Elasticities In week four, elasticity becomes the focal point, easing students into its application in policy analysis and business strategy. A provocative discussion topic regarding the legalization of marijuana illustrates how elasticity is relevant in contentious economic debates. ### 6. Production and Costs The fifth week shifts to the theory of the firm, highlighting production and cost dynamics. Referred to as "The Economics of the Lemonade Stand," this section empowers students to apply economic principles to various business contexts, from small ventures to large corporations. ### 7. Competitive Output Week six continues exploring firm behavior in a competitive environment, reinforcing vital concepts crucial for understanding how businesses operate under market pressures. ### 8. Firms with Market Power The seventh week brings real-world applicability into focus, exploring why price variations exist among services and products in the market, such as airline tickets and coffee. This deeper dive into firms with market power enriches students’ insights into pricing strategies and competition. ### 9. Public Goods, Common Resources, and Externalities The final week examines market failures, challenging students to identify scenarios where markets fail to distribute resources efficiently. Understanding these failures fosters a sense of critical thinking about economic policies and societal welfare. ## Recommendation I wholeheartedly recommend the **Microeconomics Principles** course for both beginners and those looking to refresh their economic knowledge. Its engaging curriculum, coupled with real-world applications, effectively demystifies economic principles, making them accessible to all learners. Whether you’re interested in understanding the economic factors that influence daily decision-making, contemplating a career in business or public policy, or even just seeking to cultivate a more analytical mindset, this course offers a wealth of knowledge and practical skills. The instructor's passion for the subject, combined with the diverse topics covered, ensures that you will not only learn but will also enjoy the journey of discovery in the fascinating world of microeconomics. Enroll today and unlock a new way of understanding the world around you!

Syllabus

Course Orientation

You will become familiar with the course, your classmates, and our learning environment. The orientation will also help you obtain the technical skills required for the course.

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 suitable romantic partners, we can apply the rules of economics to pretty much anything.

Welcome to your second week in Microeconomics Principles! This module we will cover the hallmark framework of the field: the supply and demand model. I am sure that if you knew any economics words before enrolling in this course those two words were supply and demand. This module you will finally learn what all the fuss is about.

Welcome to Week 3! Last module we introduced the supply and demand model to explain how free markets work. One of the main concepts we learned about free markets was that they tend to gravitate toward an “equilibrium” price and quantity. This module we will use the same conceptual model to answer one important question: Are free markets the best way to distribute society’s resources?

Welcome to the fourth week! This module we will cover one of my favorite economics concepts: elasticity. It is one of my favorites because of how useful it is to analyze policy implications, as well as its usefulness for business managers. This will be obvious to you when you read one of the discussion topics for this module: Should we legalize marijuana?

Welcome to your fifth week! This module we will begin covering the theory of the firm, which will take us basically three modules to finish. Economists call this section of the course, "The Economics of the Lemonade Stand." And that title makes perfect sense, since the concepts we cover can be used by anyone, from someone owning a lemonade stand, to a car manufacturing company, to a hair salon, to a burrito stand, etc.

Welcome to your sixth week! This module we continue our discussion of the firm by focusing on those firms working in a perfectly competitive (or competitive) environment.

So, why is it that when you fly the person sitting next to you in the plane probably paid a different price for the ticket than what you paid for it? And why does Starbucks charge so much for its coffee even though you can buy coffee at Dunkin’ Donuts for almost half of that price? This module we are finishing our discussion of the firm by focusing on cases that should be more familiar to you than the perfect competition examples we have been using.

And so we have arrived at the last week. This course has gone too fast! This module we will be discussing market failures. A market failure is a situation when the market does not do a good job of distributing resources among members of society. In fact, in all of these cases the market IS the problem.