Most people make the incorrect assumption that economics is ONLY the study of money. My primary goal in this course is to shatter this belief. During this course, we will be addressing the above questions as well as many more relating to:
Market Equilibrium, Government Policy & Elasticity
Market Equilibrium, Government Policy & Elasticity
This course is part of Microeconomics Principles Specialization
Instructor: Dr. José J. Vázquez-Cognet
Course
Gain insight into a topic and learn the fundamentals
Beginner level
Recommended experience
6 hours (approximately)
Flexible schedule
Learn at your own pace
What you'll learn
Surplus & Social Welfare: Applying the concept of surplus to measure the welfare of an economy and use the supply and demand model to illustrate it
Impact of Government Interventions: Understand how government interventions (eg. price controls) impact social welfare using model of supply & demand
Price Elasticity of Demand: Learn how to classify goods based on their price elasticity of demand & predict how changes in price might affect revenue
Analysis of Tax Implications: Use the price elasticity of demand concept to determine the distributional and welfare effects of an excise tax
Skills you'll gain
Details to know
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Recently updated!
July 2024
Assessments
2 quizzes
Taught in English
Course
Gain insight into a topic and learn the fundamentals
Beginner level
Recommended experience
6 hours (approximately)
Flexible schedule
Learn at your own pace
See how employees at top companies are mastering in-demand skills
Build your subject-matter expertise
This course is part of the Microeconomics Principles Specialization
When you enroll in this course, you'll also be enrolled in this Specialization.
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There are 2 modules in this course
Welcome! Last course 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?
What's included
10 videos1 reading1 quiz1 discussion prompt
Welcome! 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?
What's included
14 videos1 reading1 quiz1 discussion prompt
Instructor
Offered by
Recommended if you're interested in Economics
University of Illinois Urbana-Champaign
University of Illinois Urbana-Champaign
University of Illinois Urbana-Champaign
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