Gain a practical understanding of the basic forces in economics: the laws of supply and demand, shortages and surpluses, and the relationship between time and the market adjustment process.
This course will be an overview of:
- The study of the economy at the individual, firm, and industry level
- The laws of supply and demand.
- The impact of shortages and surpluses.
- The relationship between time and the market adjustment process.
After completing this course, the learner should be able to:
- Identify characteristics of the law of supply and demand.
- Identify the factors that can cause a shift in a products demand curve or supply curve.
- Apply supply and demand models.
- Calculate price elasticity of demand and income elasticity.
- Recognize the characteristics of the types of business firms and the principal-agent problem.
- Identify cost and profit measurements in the short run and long run.