An Introduction to the Principles of Microeconomics

Gain an introduction to microeconomics

This four-week course will help you explore microeconomics – the study of the decisions that individuals, households, and firms make when allocating resources.

You’ll gain knowledge of the key principles of microeconomics as well as the theories underpinning modern economies.

By the end, you’ll understand why studying the interaction of individuals and firms is crucial in achieving better outcomes for society.

Delve into the economic problem

Making choices about the best use of scarce resources is what’s known as the economic problem.

On the course, you’ll unpack the economic problem to understand whether the problem has become more difficult to solve. You’ll learn how economists have tried to solve the problem and the systems that could be used to do so.

Explore the importance of consumer preferences

Next, you’ll delve into consumer preferences and how individual tastes affect decision-making.

You’ll explore marginal utility, which is the enjoyment a consumer gains from buying an additional unit of a service or product. Then, you’ll unpack incomes, budgets, and psychological constraints to gain a greater understanding of the individual in microeconomics.

Understand market failure

Finally, you’ll unpack the market failure and how the allocation of goods and services by a free market is not working.

Within this, you’ll explore the role of governments and the importance of economics in guiding policy makers.

By the end, you’ll have an understanding of how microeconomic theory can be used to understand the workings of a modern economy and will have developed an appreciation of what economists are trying to achieve.

This course is designed for sixth form students who are currently studying economics. You’ll gain an in-depth look into economics that goes beyond broad A-Level specifications.

It will also be particularly useful if you are intending to apply to study an economics-related course at university and want to develop an insight into the workings of microeconomics.

• Dreary, desolate, and distressing
• An introduction to microeconomics
• Economics is a choice between alternatives all the time
• Economic Possibilities for our Grandchildren
• Efficiency
• The control of the commanding heights
• The Market
• Introduction to Week 2
• Consumer preferences
• Production
• Market Structures
• Market Failure
• Introduction to Week 3
• The Harm Principle
• "Guinness is good for you" and the information problem.
• Missing Markets
• Monopoly
• The State is Wise and The Market is Stupid
• Market-based interventions
• Command and Control policies
• Behavioural Economics and Government Policy
• Course Conclusion