À propos de ce cours
4.7
511 ratings
94 reviews
We make economics decisions every day: what to buy, whether to work or play, what to study. We respond to markets all the time: prices influence our decisions, markets signal where to put effort, they direct firms to produce certain goods over others. Economics is all around us. This course is an introduction to the microeconomic theory of markets: why we have them, how they work, what they accomplish. We will start with the concept of scarcity and how specialization according to comparative advantage helps us achieve more than we could alone. Next we model a marked using the tools of Supply and Demand and learn what well working markets accomplish and what their limit are. We end by exploring the impact of government intervention on perfect markets. Examples are taken from everyday life, from goods and services that we all purchase and use. We will apply the theory to current events and policy debates through weekly exercises. These will empower you to be an educated, critical thinker who can understand, analyze and evaluate market outcomes....
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Cours en ligne à 100 %

Commencez dès maintenant et apprenez aux horaires qui vous conviennent.
Calendar

Dates limites flexibles

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Clock

Recommandé : 5 weeks of study, 4-7 hours/week

Approx. 13 heures pour terminer
Comment Dots

English

Sous-titres : English, Mongolian

Compétences que vous acquerrez

MicroeconomicsEconomicsMarket (Economics)Economic Analysis
Globe

Cours en ligne à 100 %

Commencez dès maintenant et apprenez aux horaires qui vous conviennent.
Calendar

Dates limites flexibles

Réinitialisez les dates limites selon votre disponibilité.
Clock

Recommandé : 5 weeks of study, 4-7 hours/week

Approx. 13 heures pour terminer
Comment Dots

English

Sous-titres : English, Mongolian

Programme du cours : ce que vous apprendrez dans ce cours

1

Section
Clock
2 heures pour terminer

The Concept of Scarcity

Where do markets come from? We will start with understanding the constraint of scarcity that we face and the concept of opportunity cost that reflects the true cost of any decision we make. We will learn to model scarcity using the Production Possibilities Frontier that allows us to visualize tradeoffs, distinguish between efficient, inefficient and unattainable points. We will also discuss how economic growth affects our options and allows us to achieve the previously unattainable....
Reading
17 vidéos (Total 54 min), 3 lectures, 3 quiz
Video17 vidéos
1.1.1 Opportunity Cost: Introduction2 min
1.1.2 Opportunity Cost: The Cost of Education2 min
1.1.3 Opportunity Cost: Numeric Example 13 min
1.1.4 Opportunity Cost: Numeric Example 22 min
1.1.5 Opportunity Cost: Numeric Example33 min
1.1.6 Opportunity Cost: Numeric Example 42 min
1.2.1 Scarcity: Introduction2 min
1.2.2 Production Possibilities Frontier: Definition2 min
1.2.3 Allocative Efficiency: Defining Marginal Cost and Marginal Benefit3 min
1.2.4 Allocative Efficiency: When Marginal Cost Equals Marginal Benefit1 min
1.2.5 Production Possibilities Frontier: Graphical Approach4 min
1.2.6 Production Possibilities Frontier: Numerical Example4 min
1.2.7 Production Possibilities Frontier: Understanding the Slope2 min
1.2.8 Production Possibilities Frontier: Modeling Technological Change and Growth2 min
1.2.9 Allocative Efficiency: Graphical Approach 13 min
1.2.10 Allocative Efficiency: Graphical Approach 27 min
Reading3 lectures
Additional Readings: General Suggestions10 min
Participate in a Purdue Research Project (Optional)10 min
Additional Readings: Week 110 min
Quiz3 exercices pour s'entraîner
Opportunity Cost6 min
Production Possibility Frontier (PPF)6 min
Production Possibilities Frontier and Growth8 min

2

Section
Clock
1 heure pour terminer

Specialization & Trade

Trade allows us to achieve the unattainable- we can consume more than we can produce on our own. We will introduce the concept of Comparative Advantage and discuss how gains from specialization allow us to use our resources efficiently. We will apply these concepts to a simple model of trade, showing that now the Consumption Possibilities Frontier allows points outside the Production Possibilities Frontier....
Reading
14 vidéos (Total 39 min), 1 lecture, 2 quiz
Video14 vidéos
2.2.1 Comparative Advantage: Numerical Example 1 - Set up1 min
2.2.2 Comparative Advantage: Numerical Example 2 - Individual PPFs3 min
2.2.3 Comparative Advantage: Numerical Example 3 - Joint PPF2 min
2.2.4 Comparative Advantage: Numerical Example 4 - Joint PPF Completed3 min
2.3.2 Comparative Advantage: Definition min
2.2.5 Comparative Advantage: Numerical Example 5 - Gains from Specialization4 min
2.2.6 Comparative Advantage: Numerical Example 61 min
2.2.7 Comparative Advantage: Numerical Example 72 min
2.3.1 Absolute Advantage: Definition min
2.4.1 Gaining from Specialization Through Trade3 min
2.4.2 Gaining from Specialization: The Consumption Possibilities Frontier4 min
2.4.3 Gaining from Specialization: General Graphical Approach5 min
2.4.4 Gaining from Specialization: Imports and Exports3 min
Reading1 lecture
Additional Readings: Week 210 min
Quiz2 exercices pour s'entraîner
Comparative Advantage10 min
Trade4 min

3

Section
Clock
1 heure pour terminer

Supply and Demand

We will introduce the central model of Supply & Demand. This will allow you to communicate with other economists and finally understand those business pages and market updates. We will distinguish between a movement along and a movement of the supply & demand curves. We will define market equilibrium as understand that at an equilibrium price there is neither excess demand nor excess supply. We will end by a few scenarios where exogenous changes affect supply and/or demand and analyze the impact on equilibrium price and quantity....
Reading
15 vidéos (Total 44 min), 1 lecture, 4 quiz
Video15 vidéos
3.1.2 The Demand Curve3 min
3.1.3 Shifts of Demand: Part 13 min
3.1.4 Shifts of Demand: Part 24 min
3.1.5 The Supply Curve4 min
3.1.6 Shifts of Supply: Part 12 min
3.1.7 Shifts of Supply: Part 23 min
3.1.8 Market Equilibrium: Definition2 min
3.1.9 Market Equilibrium: Understanding Who Buys and Who Sells2 min
3.1.10 The Invisible Hand: Part 13 min
3.1.11 The Invisible Hand: Part 22 min
3.1.12 Changes in Demand: Effect on Market Equilibrium3 min
3.1.13 Changes in Supply: Effect on Market Equilibrium2 min
3.1.14 Simultaneous Changes in Demand & Supply: Effect on Market Equilibrium2 min
3.1.15 Supply & Demand: Conclusion1 min
Reading1 lecture
Additional Readings: Week 310 min
Quiz4 exercices pour s'entraîner
The Demand Curve8 min
The Supply Curve4 min
Market Equilibrium8 min
A Change in Market Equilibrium6 min

4

Section
Clock
2 heures pour terminer

Understanding Markets: Elasticities, Market Surplus, Efficiency, and Equity

There is a lot of terminology this week. We will introduce of the concept of elasticity of demand that measures the responsiveness of quantity demanded to a change in the price of a good. We will explore the relationship between change in price and revenue or sales and how elasticities can help us predict whether a decrease in price will increase or decrease revenue. We then introduce other elasticities of note: cross price elasticity, income elasticity and elasticity of supply. We end the week by exploring the great accomplishment of markets: maximizing the size of the pie or the total benefit to society. ...
Reading
23 vidéos (Total 82 min), 1 lecture, 4 quiz
Video23 vidéos
4.1.2 Elasticity of Demand4 min
4.1.3 What Affects Elasticity of Demand4 min
4.1.4 Perfectly Inelastic and Perfectly Elastic Demand4 min
4.1.5 Elasticity Along a Straight Line Demand Curve3 min
4.1.6 Elasticity and Revenue: Part 13 min
4.1.7 Elasticity and Revenue: Part 21 min
4.1.8 Unit Elastic Demand Curve2 min
4.1.9 Cross Price Elasticity: Complements vs. Substitutes2 min
4.1.10 Income Elasticity: Normal vs. Inferior Goods2 min
4.1.11 Elasticity of Supply3 min
4.1.12 Elasticity: Summary1 min
4.2.1 Efficiency & Equity: Introduction2 min
4.2.2 Consumer Surplus5 min
4.2.3 Producer Surplus4 min
4.2.4 Maximizing Total Surplus1 min
4.2.5 T.S. at a Quantity Greater Than Equilibrium Quantity4 min
4.2.6 T.S. at a Quantity Smaller Than Equilibrium Quantity4 min
4.2.7 Efficiency & Equity: Conclusion1 min
4.2.8 Price Ceiling5 min
4.2.9 Price Floors: The Case of Minimum Wage5 min
4.2.10 Calculating Total Surplus: Numerical Example4 min
4.2.11 Price Ceilings: A Numerical Example5 min
Reading1 lecture
Additional Readings: Week 410 min
Quiz4 exercices pour s'entraîner
Elasticity of Demand10 min
Elasticity of Demand & Revenue4 min
Other Elasticity Terms6 min
Consumer and Producer Surplus8 min
4.7
Direction Signs

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a commencé une nouvelle carrière après avoir terminé ces cours
Briefcase

83%

a bénéficié d'un avantage concret dans sa carrière grâce à ce cours
Money

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a obtenu une augmentation de salaire ou une promotion

Meilleurs avis

par ASJan 14th 2017

I really enjoyed the clarity with which the concepts were taught. I loved the examples and I thought they were very helpful and made the concepts so much easier to understand.

par YGMar 3rd 2016

Nice lecture and quizzes. Easy to follow and very encouraging for those who is new to coursera or has failed to finish online courses within deadline before (like me).

Enseignant

Rebecca Stein

Senior Lecturer
Economics

À propos de University of Pennsylvania

The University of Pennsylvania (commonly referred to as Penn) is a private university, located in Philadelphia, Pennsylvania, United States. A member of the Ivy League, Penn is the fourth-oldest institution of higher education in the United States, and considers itself to be the first university in the United States with both undergraduate and graduate studies. ...

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