Microeconomics: The Power of Markets
Discover how microeconomic principles govern market behaviors and influence individual economic choices in our interconnected economy.
Discover how microeconomic principles govern market behaviors and influence individual economic choices in our interconnected economy.
This course provides a comprehensive introduction to microeconomic theory, focusing on how markets function and influence our daily economic decisions. Students will learn key concepts such as scarcity, opportunity cost, comparative advantage, and supply and demand. The curriculum covers the basics of market equilibrium, elasticity, consumer and producer surplus, and the effects of government intervention in markets. Through a combination of video lectures, quizzes, and real-world applications, learners will develop skills in economic analysis and gain insights into how markets maximize efficiency. The course also explores the impacts of taxes, subsidies, and price controls on market outcomes.
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What you'll learn
Understand the concept of scarcity and opportunity cost
Apply the Production Possibilities Frontier model to visualize economic tradeoffs
Explain the principles of comparative advantage and gains from trade
Use supply and demand models to analyze market equilibrium
Calculate and interpret various types of elasticities
Evaluate consumer and producer surplus and market efficiency
Skills you'll gain
This course includes:
268 Minutes PreRecorded video
18 quizzes
Access on Mobile, Tablet, Desktop
FullTime access
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There are 5 modules in this course
This course offers a comprehensive introduction to microeconomic theory, focusing on how markets function and shape our economic decisions. Led by Professor Rebecca Stein from the University of Pennsylvania, the curriculum is divided into five modules covering key concepts such as scarcity, opportunity cost, comparative advantage, supply and demand, market equilibrium, elasticity, consumer and producer surplus, and the effects of government intervention in markets. Students will learn to model economic scenarios using tools like the Production Possibilities Frontier and Supply and Demand curves. The course emphasizes practical applications, with weekly exercises that apply theory to current events and policy debates. Through a combination of video lectures, quizzes, and real-world examples, learners will develop skills in economic analysis and gain insights into how markets maximize efficiency and how government policies can impact market outcomes.
The Concept of Scarcity
Module 1 · 2 Hours to complete
Specialization & Trade
Module 2 · 1 Hours to complete
Supply and Demand
Module 3 · 3 Hours to complete
Understanding Markets: Elasticities, Market Surplus, Efficiency, and Equity
Module 4 · 3 Hours to complete
When Government Intervenes
Module 5 · 3 Hours to complete
Fee Structure
Payment options
Financial Aid
Instructor
Senior Lecturer in Economics
Rebecca Stein is a Senior Lecturer of Economics at the University of Pennsylvania, where she teaches large sections of introductory microeconomics to nearly a thousand students annually. She earned her B.A. from Hebrew University of Jerusalem and her PhD from Northwestern University. Dr. Stein has received multiple teaching awards, including the Dean’s Award for Distinguished Teaching and the Irving B. Kravis Prize for Distinction in Undergraduate Teaching.Her research focuses on health economics, particularly risk selection in health insurance markets and the relationship between health insurance and care provision. Recently, she has explored the role of hospitalists in the healthcare system. Dr. Stein's passion for economics began while studying hotel management, leading her to pursue a career that combines her interests in economics and teaching. Through her courses on Coursera, such as "Microeconomics: The Power of Markets" and "Microeconomics: When Markets Fail," she aims to share valuable economic insights with a broader audience.
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4.7 course rating
1,521 ratings
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