Topic outline


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    This course is concurrent to Principles of Economics.

  • Welcome to Economics!

  • Welcome to Economics! - Final Assessment

    This is the final assessment for Welcome to Economics! (Available when you subscribe.)

    • This topic

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      • Choice 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 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 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

            • Elasticity

              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 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 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 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

                    • Monopoly

                      9.1 How Monopolies Form: Barriers to Entry
                      9.2 How a Profit-Maximizing Monopoly Chooses Output and Price
                      Final Assessment

                      • Monopolistic Competition and Oligopoly

                        10.1 Monopolistic Competition
                        10.2 Oligopoly
                        Final Assessment

                        • Monopoly 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 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 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 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 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 Insurance

                                    16.1 The Problem of Imperfect Information and Asymmetric Information
                                    16.2 Insurance and Imperfect Information
                                    Final Assessment

                                    • Financial 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 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 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 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 Economics

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