What you'll learn Main Principles and Terms of Economics (Scarcity, Opportunity Cost, Externality, Inflation, etc.) Observation, Assumptions and Economic Models The Relationship between Economy Participants The Production Possibilities Frontier Microeconomics vs. Macroeconomics Positive vs. Normative Economics Specialization and Trade Import/Export Money and Its Functions Markets and Competition Demand and Supply (Movements, Shifts, Equilibrium) Price Elasticity of Demand and Its Determinants Income and Cross-Price Elasticity of Demand Price Elasticity of Supply and Its Determinants Price Ceiling and Price Floor Minimum Wage Impact on the Labor Market Tax Burden Division among Buyers and Sellers Direct vs. Indirect Taxes Progressive vs. Regressive Taxes Fiscal vs. Monetary Policy Consumer and Producer Surplus Market Efficiency Deadweight Loss and Tax Revenue The Impact of International Trade on Importing and Exporting Countries Tariff and Deadweight Loss Arguments for Restricting Trade Positive and Negative Externalities, Social Optimum Policies toward Externalities Public Goods and Common Resources Tragedy of the Commons The Design of the Tax System The Costs of Production Economies and Diseconomies of Scale Break-Even Analysis Competitive Market and Its Characteristics Monopolies and the Reasons Why They Exist Natural Monoply Price Descrimination Monopolistic Competition and Its Characteristics Oligopoly, Duopoly and the Characteristics Game Theory (Prisoner's Dilemma, Profits Maximization, An Arms-Race Game, A Common-Resources Game) Profit Maximization in Different Markets The Markets for the Factors of Production Earnings and Discrimination Maslow's Hierarchy of Needs Indifference Curves and Budget Constraint Substitutes and Complements Income and Substitution Effects Economics of Asymmetric Information (Moral Hazard, Adverse Selection) Political Economy Behavioral Economics Regression Analysis and Various Excel Calculations Building Demand Function for a Real Company Requirements There are no prerequisites. Description Introduction to Microeconomics in the Real World is a complete course of Microeconomics theory and practice. While beginners should have no difficulties, intermediate and advanced students will also satisfy their curiosity. Since the very first classes, we will base our lectures on practical examples and by the end of the course, you will be able to do complex regression analysis for a real company. It will enable you to answer questions such as how much sales should you expect in the upcoming periods, what are the main factors affecting your company sales, and a lot more. Not only you will better understand and manage any company in a business, but also you will be able to act more rationally as a customer simply because you know the rules of the game. Who this course is for: All level of students.
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