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
펜실베이니아 대학교이 강좌에 대하여
귀하가 습득할 기술
- Economics
- Microeconomics
- Economic Analysis
- Market (Economics)
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펜실베이니아 대학교
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.
강의 계획표 - 이 강좌에서 배울 내용
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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MICROECONOMICS: THE POWER OF MARKETS의 최상위 리뷰
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 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.
Really good, clear content, no surprises in the exam questions - but no free lunch either. A good balance that makes learning relatively easy but critical thinking necessary.
I really liked this course. The lecturer is able to convey terminologies clearly in a short time. The problems are more sophisticated and worth time thinking instead of just toy questions.
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