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.
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Microeconomics: The Power of Markets
宾夕法尼亚大学课程信息
您将获得的技能
- Economics
- Microeconomics
- Economic Analysis
- Market (Economics)
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宾夕法尼亚大学
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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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.
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.
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.
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.
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- 5 stars78.88%
- 4 stars17.49%
- 3 stars2.83%
- 2 stars0.55%
- 1 star0.23%
来自MICROECONOMICS: THE POWER OF MARKETS的热门评论
The information I gained during this course will surely help me in becoming a better economist in the future and I found all the concepts quite easy as they were explained very well.
Great course! I didn't have a background in Economics or anything related, but the professor is able to explain the concepts in a very simple and clear way!
From this course I have received an in depth knowledge about basic concepts of microeconomics and have thoroughly enjoyed the course. I will use these concepts in my further studies.
The content was comprehensive and I suggest it as a good introductory stamdpoint to the microeconomic situation. Perhaps it could've been more engaging by referencing real-world incidents.
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