Economics Part 2 - Basic Concepts in Microeconomics


Overview/Description
Target Audience
Expected Duration
Lesson Objectives
Course Number

Overview/Description
"Economics Part 2: Basic Concepts in Microeconomics" This course introduces the learner to microeconomic concepts and issues. Such things as market behavior and decision-making, consumer choice and preference and the factors that motivate firms are covered across a range of informative lessons situated in real-life scenarios.

Target Audience
This course is aimed at Managers, Directors, and Project Leaders.

Expected Duration (hours)
4.0

Lesson Objectives

Economics Part 2 - Basic Concepts in Microeconomics

  • Recognize the factors that account for a change in demand.
  • Identify the effects on a demand curve of changes in price.
  • Identify the effects on a demand curve of changes in factors other than a good's price.
  • Identify the five factors that account for a change in supply.
  • Identify how to plot the effects of a change in price on a supply curve.
  • Identify how to plot the effects on a supply curve of a change in a factor other than the price of the good.
  • Recognize the effects of an increase in both demand and supply on price (P) and quantity (Q).
  • Recognize the effects of a decrease in demand and an increase in supply on price (P) and quantity (Q).
  • Identify the importance of elasticity.
  • Identify the main forms of elasticity.
  • Recognize the characteristics of elastic demand and supply.
  • Recognize the characteristics of labor demand in the market.
  • Identify utility and the law of diminishing utility.
  • Recognize how total utility is maximized.
  • Identify consumption possibilities on a household budget line.
  • Identify how a change in price affects the household budget line.
  • Recognize the marginal rate of substitution.
  • Identify the relationship between the household budget line and the indifference curve.
  • Recognize the point of maximum utility.

    • Course Number:
    en_US_48812_ng