Economic Concepts
Supply & Demand
Global Market
Govt Roles
About The Course
Study the principles of economics that apply to the behavior of individuals within an economic system. You will use graphs, charts, and data to analyze, describe, and explain economic concepts​
Microeconomics is a field of study that is concerned with the behavior of individuals and firms in relation to the allocation of scarce resources. It is a branch economics that examines the economic decisions made by households, businesses, and industries, and how these decisions impact the market. The concepts of supply and demand, resource allocation, equilibrium, production, and labor are some of the fundamental concepts in microeconomics. By analyzing these concepts, individuals and businesses can make informed decisions that can lead to economic growth and prosperity. In essence, microeconomics provides a framework for understanding how markets work and how economic agents interact with each other.
A Snapshot of the Prestigious Universities Worldwide that Our Internal Students Have Been Accepted Into Over the Last 5 Years
Cedarville University (USA)
Cedarville is an above-average private, Baptist university located in Cedarville, Ohio. It is a small institution with an enrollment of 3,809 undergraduate students. Admissions is somewhat competitive as the Cedarville acceptance rate is 65%. Popular majors include Nursing, Mechanical Engineering, and Psychology
The course will include:
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Define economic principles and models
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Explain given economic outcomes
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Determine outcomes of specific economic situations
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Basic Economic ConceptsYou will study the foundations of microeconomic thinking, including how to evaluate decisions based on constraints and trade-offs and make rational economic choices. Scarcity Resource allocation and economic systems The Production Possibilities Curve Comparative advantage and gains from trade Cost-benefit analysis Marginal analysis and consumer choice
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Supply and DemandYou will learn the basis for understanding how markets work with an introduction to the supply and demand model. Demand Supply Elasticity Market equilibrium, disequilibrium, and changes in equilibrium The effects of government intervention in markets International trade and public policy
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Production, Cost, and the Perfect Competition ModelYou will explore the factors that drive the behavior of companies and learn about the perfect competition model. The production functions Short- and long-run production costs Types of profit Profit maximization Perfect competition
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Imperfect CompetitionYou will learn how imperfectly competitive markets work and how game theory comes into play in economic models. Monopoly Price discrimination Monopolistic competition Oligopoly and game theory
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Factor MarketsYou will learn how concepts such as supply, and demand and marginal decision-making apply in the context of factor markets. Introduction to factor markets Changes in factor demand and factor supply Profit-maximizing behavior in perfectly competitive factor markets Monopolistic markets
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Market Failure and the Role of GovernmentYou will examine the conditions under which markets may fail and the effects of government intervention in markets. Socially efficient and inefficient market outcomes Externalities Public and private goods The effects of government intervention in different market structures Income and wealth inequality