Topic outline
- PRINCIPLES OF MICROECONOMICS COURSEPRINCIPLES OF MICROECONOMICS COURSE
This comprehensive course contains 20 sections with 92 self-grading lessons, including final assessments. The first section is available to try for free.
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- Welcome to Economics!Welcome to Economics!
- Discuss the importance of studying economics
- Explain the relationship between production and division of labor
- Evaluate the significance of scarcity
- Knowledge Check
- Describe microeconomics
- Describe macroeconomics
- Contrast monetary policy and fiscal policy
- Knowledge Check
- Interpret a circular flow diagram
- Explain the importance of economic theories and models
- Describe goods and services markets and labor markets
- Knowledge Check
- Contrast traditional economies, command economies, and market economies
- Explain gross domestic product (GDP)
- Assess the importance and effects of globalization
- Knowledge Check
Click the link above to get the access codes and instructions to add this trial course to your LMS.
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- Welcome to Economics! - Final AssessmentWelcome to Economics! - Final Assessment
This is the final assessment for Welcome to Economics! (Available when you subscribe.)
- Subscribe & Try the FULL COURSE FREE for 14 days!This topicSubscribe & Try the FULL COURSE FREE for 14 days!
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- Choice in a World of ScarcityChoice in a World of Scarcity
2.1 How Individuals Make Choices Based on Their Budget Constraint
2.2 The Production Possibilities Frontier and Social Choices
2.3 Confronting Objections to the Economic Approach
Final Assessment - Demand and SupplyDemand and Supply
3.1 Demand, Supply, and Equilibrium in Markets for Goods and Services
3.2 Shifts in Demand and Supply for Goods and Services
3.3 Changes in Equilibrium Price and Quantity: The Four-Step Process
3.4 Price Ceilings and Price Floors
3.5 Demand, Supply, and Efficiency
Final Assessment - Labor and Financial MarketsLabor and Financial Markets
4.1 Demand and Supply at Work in Labor Markets
4.2 Demand and Supply in Financial Markets
4.3 The Market System as an Efficient Mechanism for Information
Final Assessment - ElasticityElasticity
5.1 Price Elasticity of Demand and Price Elasticity of Supply
5.2 Polar Cases of Elasticity and Constant Elasticity
5.3 Elasticity and Pricing
5.4 Elasticity in Areas Other Than Price
Final Assessment - Consumer ChoicesConsumer Choices
6.1 Consumption Choices
6.2 How Changes in Income and Prices Affect Consumption Choices
6.3 Behavioral Economics: An Alternative Framework for Consumer Choice
Final Assessment - Production, Costs, and Industry StructureProduction, Costs, and Industry Structure
7.1 Explicit and Implicit Costs, and Accounting and Economic Profit
7.2 Production in the Short Run
7.3 Costs in the Short Run
7.4 Production in the Long Run
7.5 Costs in the Long Run
Final Assessment - Perfect CompetitionPerfect Competition
8.1 Perfect Competition and Why It Matters
8.2 How Perfectly Competitive Firms Make Output Decisions
8.3 Entry and Exit Decisions in the Long Run
8.4 Efficiency in Perfectly Competitive Markets
Final Assessment - MonopolyMonopoly
9.1 How Monopolies Form: Barriers to Entry
9.2 How a Profit-Maximizing Monopoly Chooses Output and Price
Final Assessment - Monopolistic Competition and OligopolyMonopolistic Competition and Oligopoly
10.1 Monopolistic Competition
10.2 Oligopoly
Final Assessment - Monopoly and Antitrust PolicyMonopoly and Antitrust Policy
11.1 Corporate Mergers
11.2 Regulating Anticompetitive Behavior
11.3 Regulating Natural Monopolies
11.4 The Great Deregulation Experiment
Final Assessment - Environmental Protection and Negative ExternalitiesEnvironmental Protection and Negative Externalities
12.1 The Economics of Pollution
12.2 Command-and-Control Regulation
12.3 Market-Oriented Environmental Tools
12.4 The Benefits and Costs of U.S. Environmental Laws
12.5 International Environmental Issues
12.6 The Tradeoff between Economic Output and Environmental Protection
Final Assessment - Positive Externalities and Public GoodsPositive Externalities and Public Goods
13.1 Why the Private Sector Underinvests in Innovation
13.2 How Governments Can Encourage Innovation
13.3 Public Goods
Final Assessment - Labor Markets and IncomeLabor Markets and Income
14.1 The Theory of Labor Markets
14.2 Wages and Employment in an Imperfectly Competitive Labor Market
14.3 Market Power on the Supply Side of Labor Markets: Unions
14.4 Bilateral Monopoly
14.5 Employment Discrimination
14.6 Immigration
Final Assessment - Poverty and Economic InequalityPoverty and Economic Inequality
15.1 Drawing the Poverty Line
15.2 The Poverty Trap
15.3 The Safety Net
15.4 Income Inequality: Measurement and Causes
15.5 Government Policies to Reduce Income Inequality
Final Assessment - Information, Risk, and InsuranceInformation, Risk, and Insurance
16.1 The Problem of Imperfect Information and Asymmetric Information
16.2 Insurance and Imperfect Information
Final Assessment - Financial MarketsFinancial Markets
17.1 How Businesses Raise Financial Capital
17.2 How Households Supply Financial Capital
17.3 How to Accumulate Personal Wealth
Final Assessment - Public EconomyPublic Economy
18.1 Voter Participation and Costs of Elections
18.2 Special Interest Politics
18.3 Flaws in the Democratic System of Government
Final Assessment - International TradeInternational Trade
19.1 Absolute and Comparative Advantage
19.2 What Happens When a Country Has an Absolute Advantage in All Goods
19.3 Intra-industry Trade between Similar Economies
19.4 The Benefits of Reducing Barriers to International Trade
Final Assessment - Globalization and ProtectionismGlobalization and Protectionism
20.1 Protectionism: An Indirect Subsidy from Consumers to Producers
20.2 International Trade and Its Effects on Jobs, Wages, and Working Conditions
20.3 Arguments in Support of Restricting Imports
20.4 How Governments Enact Trade Policy: Globally, Regionally, and Nationally
20.5 The Tradeoffs of Trade Policy
Final Assessment - Appendix A: The Use of Mathematics in Principles of EconomicsAppendix A: The Use of Mathematics in Principles of Economics
This appendix should be consulted after first reading Welcome to Economics!
It covers:
- What a function is
- How to interpret the equation of a line (i.e., slope and intercept)
- How to manipulate a line (i.e., changing the slope or the intercept)
- How to compute and interpret a growth rate (i.e., percentage change)
- How to read and manipulate a graph
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