Micro Economics - CLEP Prep

Course Goals:

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To provide an understanding about the economic way of thinking through exposure to the language, theories and methodology of economics.
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To provide an understanding of how micro-economics theoretical principles relate to practical economic issues, and how they can be used to analyze important real-world economic problems and developments.
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To describe the ways in which people produce, consume and exchange goods and services.
Course Duration :
23 Hours
Access Duration :
1 Year
Tutorial Support :
Yes
Course Price:
$99
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Overview
Topic outline
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This course will provide you with the knowledge and understanding of concepts and terminology from the Economics world. You do not need to know mathematical equations to understand the basic concepts presented throughout the course. The use of real-life examples and easy to read graphs makes the content easy to grasp.

1. Basic Concepts of Economics                                                                      

Consumption and production | The Phenomenon of Scarcity | The Production Possibilities Frontier | PPC and Scarcity | Opportunity Cost | The Four Factors of Production | Total Product, Average Product, Marginal Product | The Law of Diminishing Marginal Product | The Shape of the Production Possibilities Frontier               

2. Understanding the Producer’s Side                                              

Cost of Production - Total Cost and Marginal Cost | Cost of Production - Fixed Cost and Variable Cost | Cost of Production - Average Cost | Connections between Costs | The Connection between Marginal Product and Marginal Cost | Decision by the Individual Producer (1) |  Decision by the Individual Producer in the Short Term (2) | Decision by the Individual Producer (3) | Decision by the Individual Producer (4) | The Marginal Cost as a Determinant of Supply | Supply for a Sector | Elasticity of Supply                                                                           

3. Understanding the Consumer’s Side                                              

The Budjet Line | Utility and Choice | Determinants of Demand |  Relationships Between Goods | Types of Goods | An Interim Summary | Aggregate Demand | Price Elasticity of Demand | Levels of Elasticity | The Connection between Elasticity of Demand and the Producers’ Proceeds | Income Elasticity of Demand | Cross-Price Elasticity of Demand                 

4. The Market - Where Producers and Consumers Meet        

Demand |  Supply | Trading in the Goods Market and Equilibrium | The Consumer Surplus | The Producer Surplus | Social Welfare | The Labor Market as a Representative of the Factors of Production Markets

5. Review of Different Kinds of Markets                                          

Monopoly | Maximizing the monopoly’s profit | Comparison of a monopolistic market with a perfect market | The demand, revenue, and marginal revenue curves | The public welfare in a perfect market | The producer’s surplus | The consumer’s surplus | The public welfare | The economic distortions created by a monopoly | A natural monopoly | Oligopoly (theoretical) | Cartel | Monopsony                                                                                   

6. Broad Aspects of Economics                                                               

The Sectors | Government Intervention in Free Economic Activity | The Circular Flow Model | Economic Systems | Inequality in Income Distribution | Mergers | The Effect of Labor Unions | Public Goods | External Influences

7. Economic Research and Methodology                                          

Fundamentals Methodology in Economic Research | Reasons for increased trade | E-Marketing | Marketing and Society | Marketing ethics

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