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.
Microeconomics: The Power of Markets
提供方
University of Pennsylvania
教学大纲 - 您将从这门课程中学到什么
周
1The 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.
17 个视频 （总计 54 分钟）, 3 个阅读材料, 3 个测验
17 个视频
1.1.1 Opportunity Cost: Introduction2分钟
1.1.2 Opportunity Cost: The Cost of Education2分钟
1.1.3 Opportunity Cost: Numeric Example 13分钟
1.1.4 Opportunity Cost: Numeric Example 22分钟
1.1.5 Opportunity Cost: Numeric Example33分钟
1.1.6 Opportunity Cost: Numeric Example 42分钟
1.2.1 Scarcity: Introduction2分钟
1.2.2 Production Possibilities Frontier: Definition2分钟
1.2.3 Allocative Efficiency: Defining Marginal Cost and Marginal Benefit3分钟
1.2.4 Allocative Efficiency: When Marginal Cost Equals Marginal Benefit1分钟
1.2.5 Production Possibilities Frontier: Graphical Approach4分钟
1.2.6 Production Possibilities Frontier: Numerical Example4分钟
1.2.7 Production Possibilities Frontier: Understanding the Slope2分钟
1.2.8 Production Possibilities Frontier: Modeling Technological Change and Growth2分钟
1.2.9 Allocative Efficiency: Graphical Approach 13分钟
1.2.10 Allocative Efficiency: Graphical Approach 27分钟
3 个阅读材料
Additional Readings: General Suggestions10分钟
Participate in a Purdue Research Project (Optional)10分钟
Additional Readings: Week 110分钟
3 个练习
Opportunity Cost6分钟
Production Possibility Frontier (PPF)6分钟
Production Possibilities Frontier and Growth8分钟
周
2Specialization & 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.
14 个视频 （总计 39 分钟）, 1 个阅读材料, 2 个测验
14 个视频
2.2.1 Comparative Advantage: Numerical Example 1 - Set up1分钟
2.2.2 Comparative Advantage: Numerical Example 2 - Individual PPFs3分钟
2.2.3 Comparative Advantage: Numerical Example 3 - Joint PPF2分钟
2.2.4 Comparative Advantage: Numerical Example 4 - Joint PPF Completed3分钟
2.3.2 Comparative Advantage: Definition57
2.2.5 Comparative Advantage: Numerical Example 5 - Gains from Specialization4分钟
2.2.6 Comparative Advantage: Numerical Example 61分钟
2.2.7 Comparative Advantage: Numerical Example 72分钟
2.3.1 Absolute Advantage: Definition42
2.4.1 Gaining from Specialization Through Trade3分钟
2.4.2 Gaining from Specialization: The Consumption Possibilities Frontier4分钟
2.4.3 Gaining from Specialization: General Graphical Approach5分钟
2.4.4 Gaining from Specialization: Imports and Exports3分钟
1 个阅读材料
Additional Readings: Week 210分钟
2 个练习
Comparative Advantage10分钟
Trade4分钟
周
3Supply 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.
15 个视频 （总计 44 分钟）, 1 个阅读材料, 4 个测验
15 个视频
3.1.2 The Demand Curve3分钟
3.1.3 Shifts of Demand: Part 13分钟
3.1.4 Shifts of Demand: Part 24分钟
3.1.5 The Supply Curve4分钟
3.1.6 Shifts of Supply: Part 12分钟
3.1.7 Shifts of Supply: Part 23分钟
3.1.8 Market Equilibrium: Definition2分钟
3.1.9 Market Equilibrium: Understanding Who Buys and Who Sells2分钟
3.1.10 The Invisible Hand: Part 13分钟
3.1.11 The Invisible Hand: Part 22分钟
3.1.12 Changes in Demand: Effect on Market Equilibrium3分钟
3.1.13 Changes in Supply: Effect on Market Equilibrium2分钟
3.1.14 Simultaneous Changes in Demand & Supply: Effect on Market Equilibrium2分钟
3.1.15 Supply & Demand: Conclusion1分钟
1 个阅读材料
Additional Readings: Week 310分钟
4 个练习
The Demand Curve8分钟
The Supply Curve4分钟
Market Equilibrium8分钟
A Change in Market Equilibrium6分钟
周
4Understanding 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.
23 个视频 （总计 82 分钟）, 1 个阅读材料, 4 个测验
23 个视频
4.1.2 Elasticity of Demand4分钟
4.1.3 What Affects Elasticity of Demand4分钟
4.1.4 Perfectly Inelastic and Perfectly Elastic Demand4分钟
4.1.5 Elasticity Along a Straight Line Demand Curve3分钟
4.1.6 Elasticity and Revenue: Part 13分钟
4.1.7 Elasticity and Revenue: Part 21分钟
4.1.8 Unit Elastic Demand Curve2分钟
4.1.9 Cross Price Elasticity: Complements vs. Substitutes2分钟
4.1.10 Income Elasticity: Normal vs. Inferior Goods2分钟
4.1.11 Elasticity of Supply3分钟
4.1.12 Elasticity: Summary1分钟
4.2.1 Efficiency & Equity: Introduction2分钟
4.2.2 Consumer Surplus5分钟
4.2.3 Producer Surplus4分钟
4.2.4 Maximizing Total Surplus1分钟
4.2.5 T.S. at a Quantity Greater Than Equilibrium Quantity4分钟
4.2.6 T.S. at a Quantity Smaller Than Equilibrium Quantity4分钟
4.2.7 Efficiency & Equity: Conclusion1分钟
4.2.8 Price Ceiling5分钟
4.2.9 Price Floors: The Case of Minimum Wage5分钟
4.2.10 Calculating Total Surplus: Numerical Example4分钟
4.2.11 Price Ceilings: A Numerical Example5分钟
1 个阅读材料
Additional Readings: Week 410分钟
4 个练习
Elasticity of Demand10分钟
Elasticity of Demand & Revenue4分钟
Other Elasticity Terms6分钟
Consumer and Producer Surplus8分钟
4.7
100 个审阅50%
完成这些课程后已开始新的职业生涯
50%
通过此课程获得实实在在的工作福利
20%
加薪或升职
热门审阅
创建者 AS•Jan 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.
创建者 YG•Mar 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).
讲师
Rebecca Stein
Senior LecturerEconomics
关于 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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