About this course: This course offers an introduction to the functions of individual decision-makers—both consumers and producers—within the larger economic system. Emphasis is on the nature and functions of product markets, the theory of the firm under varying conditions of competition and monopoly, and the role of government in promoting efficiency in the economy. 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: -the environment -love and marriage -crime -labor markets -education -politics -sports -business My main goal is to show you the way economists think and how to use this analytical system to answer questions related not only to these and other important human issues, but to anything you end up doing with your life after this class. After all, as you will quickly find out, I believe that everything is economics!

Created by: University of Illinois at Urbana-Champaign

Taught by: Dr. José J. Vázquez-Cognet, Clinical Professor
Department of Economics

Level	Beginner
Commitment	Customizable based on your level of interest
Language	English, Subtitles: Spanish, Chinese (Simplified)
How To Pass	Pass all graded assignments to complete the course.
User Ratings	4.8 stars Average User Rating 4.8See what learners said

Syllabus

WEEK 1

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.

1 video, 4 readings, 1 practice quiz

Introduction and Basic Principles

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 contrar...

6 videos, 1 reading

Graded: Week 1 Quiz

WEEK 2

Supply and Demand

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...

17 videos, 1 reading

Graded: Week 2 Quiz

WEEK 3

Market Efficiency and Government Policies

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 us...

10 videos, 1 reading

Graded: Week 3 Quiz

WEEK 4

Elasticities

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...

14 videos, 1 reading

Graded: Week 4 Quiz

WEEK 5

Production and Costs

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, ...

9 videos, 1 reading

Graded: Week 5 Quiz

WEEK 6

Competitive Output

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.

10 videos, 1 reading

Graded: Week 6 Quiz

WEEK 7

Firms with Market Power

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 almo...

10 videos, 1 reading

Graded: Week 7 Quiz

WEEK 8

Public Goods, Common Resources, and Externalities

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 al...

13 videos, 1 reading

Graded: Week 8 Quiz

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University of Illinois at Urbana-Champaign

The University of Illinois at Urbana-Champaign is a world leader in research, teaching and public engagement, distinguished by the breadth of its programs, broad academic excellence, and internationally renowned faculty and alumni. Illinois serves the world by creating knowledge, preparing students for lives of impact, and finding solutions to critical societal needs.

Ratings and Reviews

Rated 4.8 out of 5 of 362 ratings

EXCELLENT!!!!!!!!!!!!!!!!!!!!!!!!!

Maravilloso.

The course was very informative, full of real life examples and all the principles covered were explained in a way which I, a beginner to economics, found very easy to understand. Real life examples helped me to relate it with my own experiences, short length videos and interactive questions in between the course helped in keeping me completely focused on the course.

This course is very very good. I feel that this course is going to be a milestone in my life. I did not know that economics is such an interesting field of study until I took this "Microeconomics Principles"course. The course level is not too difficult and course schedule is quite manageable for me who works full time in a profession which is quite demanding.

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