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Microeconomics in Humanity
Explore how individual consumers interact with money and marketsPreview the first lesson free — get full access to all 5 lessons.
Beginner Provider : KnowledgeCity 5 Lessons · 16m in Arabic, German, English, Spanish, French, Portuguese, Chinese
Course Description
Everything we obtain through material exchange comes at a cost. Sometimes costs are obvious and paid in money. Other times, we face costs we pay in other senses. Economics, unlike accounting, looks at every kind of cost we can encounter beyond costs we pay with money. An economic mindset lets us look at costs and benefits of buying or selling decisions in a grounded way. A lot of what happens in economics involves what is rational to do, but it also measures how rational decisions are made under different kinds of circumstances.
We make our best decisions in work and life when we understand the relationships between ourselves and our resources. In this course on Microeconomics in Humanity, you’ll expand your own perspective on costs and benefits with a foundational knowledge of the principles of microeconomics. This can help you formally interpret costs and benefits of available options. You’ll also learn about price elasticity of demand.
What You'll Learn
- Understand the psychological effects of scarcity
- Recognize and read microeconomics graphs
- Interpret microeconomics data
- Explain the definition and core principles of microeconomics
- Apply the theory of supply and demand
- Examine consumer theory and buyer behavior
Key Takeaways
- Everything obtained through material exchange comes at a cost, sometimes paid in money and sometimes in other senses.
- Economics, unlike accounting, considers every kind of cost beyond those paid with money.
- An economic mindset lets you weigh the costs and benefits of buying or selling decisions in a grounded way.
- Microeconomics measures how rational decisions are made under different circumstances.
- The course builds foundational knowledge of microeconomics principles, including price elasticity of demand.
Frequently Asked Questions
What will I learn in this course?
You will gain a foundational knowledge of the principles of microeconomics, learn to understand the psychological effects of scarcity, recognize microeconomics graphs, interpret microeconomics data, and learn about price elasticity of demand.
What topics does the course cover?
The course covers the definition and principles of microeconomics, the theory of supply and demand, and consumer theory and buyer behavior, along with an introduction and a knowledge check.
How does economics differ from accounting in this course?
The course explains that economics, unlike accounting, looks at every kind of cost we can encounter beyond costs we pay with money.
How will this course help me make decisions?
It helps you expand your perspective on costs and benefits so you can formally interpret the costs and benefits of available options when buying or selling.
