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Principles of Microeconomics: Master Supply & Demand
The economy moves fast. Our microeconomics course online keeps you moving faster, smarter, and way more confident.
- 24 Interactive Lessons and 210 topics mapped to the official exam objectives
Beginner Self-paced · 1 year access
24Interactive Lessons
210Topics
1Videos
315Flashcards
315Glossary of terms
01 / Skills you'll get
What you will be able to do
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Enroll in our Principles of Microeconomics online course to master the fundamentals of how markets work, from supply and demand to competition and consumer choice.
In this course, explore key concepts like elasticity, labor markets, monopolies, and international trade, all through interactive lessons. Learn how individuals and businesses make decisions under scarcity, analyze pricing strategies, and understand the role of government in the economy.
Gain practical insights through self-checks, critical thinking exercises, and problem-solving scenarios.
- Market Mechanics: Master the core principles of supply, demand, and equilibrium to predict price changes and market behavior.
- Consumer & Business Decisions: Learn how individuals and firms make choices under scarcity, budget constraints, and competition.
- Market Structures: Compare perfect competition, monopolies, and oligopolies to understand pricing, efficiency, and regulation.
- Elasticity & Pricing Strategies: Discover how demand elasticity influences pricing, revenue, and business strategies.
- Government & Policy Impact: Examine taxes, subsidies, antitrust laws, and trade policies to see how they shape economic outcomes.
- Economic Models for Real-World Problems: Develop the ability to apply microeconomic theories to business, finance, and public policy challenges.
Course Highlights
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24 Structured Lessons Comprehensive coverage of core course objectives
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1 Year Full Access Self-paced learning accessible anytime on all devices
02 / Lessons & labs
See exactly what you will learn and practice
Lessons
24 Interactive Lessons · 210 topics01 Preface +
02 Welcome to Economics! 9 topics +
- Introduction
- What Is Economics, and Why Is It Important?
- Microeconomics and Macroeconomics
- How Economists Use Theories and Models to Understand Economic Issues
- How To Organize Economies: An Overview of Economic Systems
- Key Concepts and Summary
- Self-Check Questions
- Review Questions
- Critical Thinking Questions
03 Choice in a World of Scarcity 9 topics +
- Introduction to Choice in a World of Scarcity
- How Individuals Make Choices Based on Their Budget Constraint
- The Production Possibilities Frontier and Social Choices
- Confronting Objections to the Economic Approach
- Key Concepts and Summary
- Self-Check Questions
- Review
- Critical Thinking Questions
- Problems
04 Demand and Supply 11 topics +
- Introduction to Demand and Supply
- Demand, Supply, and Equilibrium in Markets for Goods and Services
- Shifts in Demand and Supply for Goods and Services
- Changes in Equilibrium Price and Quantity: The Four-Step Process
- Price Ceilings and Price Floors
- Demand, Supply, and Efficiency
- Key Concepts and Summary
- Self-Check Questions
- Review Questions
- Critical Thinking Questions
- Problems
05 Labor and Financial Markets 9 topics +
- Introduction to Labor and Financial Markets
- Demand and Supply at Work in Labor Markets
- Demand and Supply in Financial Markets
- The Market System as an Efficient Mechanism for Information
- Key Concepts and Summary
- Self-Check Questions
- Review Questions
- Critical Thinking Questions
- Problems
06 Elasticity 10 topics +
- Introduction to Elasticity
- Price Elasticity of Demand and Price Elasticity of Supply
- Polar Cases of Elasticity and Constant Elasticity
- Elasticity and Pricing
- Elasticity in Areas Other Than Price
- Key Concepts and Summary
- Self-Check Questions
- Review Questions
- Critical Thinking Questions
- Problems
07 Consumer Choices 9 topics +
- Introduction to Consumer Choices
- Consumption Choices
- How Changes in Income and Prices Affect Consumption Choices
- Behavioral Economics: An Alternative Framework for Consumer Choice
- Key Concepts and Summary
- Self-Check Questions
- Review Question
- Critical Thinking Question
- Problems
08 Production, Costs, and Industry Structure 11 topics +
- Introduction to Production, Costs, and Industry Structure
- Explicit and Implicit Costs, and Accounting and Economic Profit
- Production in the Short Run
- Costs in the Short Run
- Production in the Long Run
- Costs in the Long Run
- Key Concepts and Summary
- Self-Check Questions
- Review Questions
- Critical Thinking Questions
- Problems
09 Perfect Competition 10 topics +
- Introduction to Perfect Competition
- Perfect Competition and Why It Matters
- How Perfectly Competitive Firms Make Output Decisions
- Entry and Exit Decisions in the Long Run
- Efficiency in Perfectly Competitive Markets
- Key Concepts and Summary
- Self-Check Questions
- Review Questions
- Critical Thinking Questions
- Problems
10 Monopoly 8 topics +
- Introduction to a Monopoly
- How Monopolies Form: Barriers to Entry
- How a Profit-Maximizing Monopoly Chooses Output and Price
- Key Concepts and Summary
- Self-Check Questions
- Review Questions
- Critical Thinking Questions
- Problems
11 Monopolistic Competition and Oligopoly 8 topics +
- Introduction to Monopolistic Competition and Oligopoly
- Monopolistic Competition
- Oligopoly
- Key Concepts and Summary
- Self-Check Questions
- Review Questions
- Critical Thinking Questions
- Problems
12 Monopoly and Antitrust Policy 10 topics +
- Introduction to Monopoly and Antitrust Policy
- Corporate Mergers
- Regulating Anticompetitive Behavior
- Regulating Natural Monopolies
- The Great Deregulation Experiment
- Key Concepts and Summary
- Self-Check Questions
- Review Questions
- Critical Thinking Questions
- Problems
13 Environmental Protection and Negative Externalities 12 topics +
- Introduction to Environmental Protection and Negative Externalities
- The Economics of Pollution
- Command-and-Control Regulation
- Market-Oriented Environmental Tools
- The Benefits and Costs of U.S. Environmental Laws
- International Environmental Issues
- The Tradeoff between Economic Output and Environmental Protection
- Key Concepts and Summary
- Self-Check Questions
- Review Questions
- Critical Thinking Questions
- Problems
14 Positive Externalities and Public Goods 9 topics +
- Introduction to Positive Externalities and Public Goods
- Investments in Innovation
- How Governments Can Encourage Innovation
- Public Goods
- Key Concepts and Summary
- Self-Check Questions
- Review Questions
- Critical Thinking Questions
- Problems
15 Labor Markets and Income 11 topics +
- Introduction to Labor Markets and Income
- The Theory of Labor Markets
- Wages and Employment in an Imperfectly Competitive Labor Market
- Market Power on the Supply Side of Labor Markets: Unions
- Bilateral Monopoly
- Employment Discrimination
- Immigration
- Key Concepts and Summary
- Self-Check Questions
- Review Questions
- Critical Thinking Questions
16 Poverty and Economic Inequality 11 topics +
- Introduction to Poverty and Economic Inequality
- Drawing the Poverty Line
- The Poverty Trap
- The Safety Net
- Income Inequality: Measurement and Causes
- Government Policies to Reduce Income Inequality
- Key Concepts and Summary
- Self-Check Question
- Review Questions
- Critical Thinking Questions
- Problems
17 Information, Risk, and Insurance 8 topics +
- Introduction to Information, Risk, and Insurance
- The Problem of Imperfect Information and Asymmetric Information
- Insurance and Imperfect Information
- Key Concepts and Summary
- Self-Check Questions
- Review Questions
- Critical Thinking Questions
- Problems
18 Financial Markets 9 topics +
- Introduction to Financial Markets
- How Businesses Raise Financial Capital
- How Households Supply Financial Capital
- How to Accumulate Personal Wealth
- Key Concepts and Summary
- Self-Check Questions
- Review Questions
- Critical Thinking Questions
- Problems
19 Public Economy 9 topics +
- Introduction to Public Economy
- Voter Participation and Costs of Elections
- Special Interest Politics
- Flaws in the Democratic System of Government
- Key Concepts and Summary
- Self-Check Questions
- Review Questions
- Critical Thinking Questions
- Problems
20 International Trade 10 topics +
- Introduction to International Trade
- Absolute and Comparative Advantage
- What Happens When a Country Has an Absolute Advantage in All Goods
- Intra-industry Trade between Similar Economies
- The Benefits of Reducing Barriers to International Trade
- Key Concepts and Summary
- Self-Check Questions
- Review Questions
- Critical Thinking Questions
- Problems
21 Globalization and Protectionism 11 topics +
- Introduction to Globalization and Protectionism
- Protectionism: An Indirect Subsidy from Consumers to Producers
- International Trade and Its Effects on Jobs, Wages, and Working Conditions
- Arguments in Support of Restricting Imports
- How Governments Enact Trade Policy: Globally, Regionally, and Nationally
- The Tradeoffs of Trade Policy
- Key Concepts and Summary
- Self-Check Questions
- Review Questions
- Critical Thinking Questions
- Problems
22 Appendix A: The Use of Mathematics in Principles of Economics 5 topics +
- Algebraic Models
- Growth Rates
- Displaying Data Graphically and Interpreting the Graph
- Key Concepts and Summary
- Review Questions
23 Appendix B: Indifference Curves 8 topics +
- What Is an Indifference Curve?
- Utility-Maximizing with Indifference Curves
- Changes in Income
- Responses to Price Changes: Substitution and Income Effects
- Indifference Curves with Labor-Leisure and Intertemporal Choices
- Sketching Substitution and Income Effects
- Key Concepts and Summary
- Review Questions
24 Appendix C Present Discounted Value 3 topics +
- Applying Present Discounted Value to a Stock
- Applying Present Discounted Value to a Bond
- Other Applications
03 / FAQs
Questions before you start
What is the difference between microeconomics and macroeconomics?+
- Microeconomics studies individual and business decisions, like supply, demand, pricing, and competition, within specific markets.
- Macroeconomics looks at the economy as a whole, covering GDP, inflation, unemployment, and government policies.
What are the seven 7 principles of microeconomics?+
The core principles include:
- Scarcity – Limited resources force trade-offs.
- Supply & Demand – Prices adjust based on market forces.
- Costs & Benefits – Decisions weigh marginal gains vs. losses.
- Incentives – People respond to rewards and penalties.
- Trade & Comparative Advantage – Specialization boosts efficiency.
- Market Structures – Competition vs. monopolies affect pricing.
- Role of Government – Taxes, subsidies, and regulations influence markets.
What are the four major theories of microeconomics?+
- Consumer Demand Theory – How buyers make choices based on utility and budget.
- Production Theory – How firms maximize output while minimizing costs.
- Market Structure Theory – How competition, monopolies, and oligopolies operate.
- Game Theory – How strategic interactions affect decision-making in economics.
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