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Principles of Economics: Microeconomics - Down to Business

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  • Welcome to the Course!
    • Welcome to the second course of A Story of Economics! Thank you for enrolling! Please take a few minutes and explore the orientation materials that will help you with expectations and what you need to be doing to be successful in this course.
  • Module 1 - The Costs of Production
    • Welcome to costs of production. We're going to look at the cost that firms typically face when they produce. Now, so far, in course 1, we've talked a lot about revenue. We talked a lot about revenue with elasticity, when it's elastic you lower the price to raise revenue, when it's inelastic you raise the price to raise revenue. But firms, they're not trying to maximize revenue. What are they trying to maximize? Let's find out!
  • Module 2 - Perfect Competition
    • This is going to be the first of our four different market structures that we're going to look at. Now, when you think of perfect competition, you can think of it more as really like a theoretical boundary. But it's important to understand perfect competition- We're going to be able to compare it to our other market structures, monopoly, monopolistic competition, and oligopoly, so that we can see the benefits and the advantages of competition.
  • Module 3 - Monopoly
    • Here we're going to be talking about our monopolies. Last time we talked about perfect competition. Our monopoly is really going to be the polar opposite of that. What is our monopoly? Well, let's find out!
  • Module 4 - Monopolistic Competition and Oligopoly
    • Welcome to monopolistic competition and oligopoly. What is monopolistic competition? Well as the name portends, it's a hybrid. It's a hybrid between our perfect competition and our monopolies. But that's not all! Let's get into it!
  • Module 5 - Household Choices
    • Welcome to household choices. We've been talking a lot about our firms. Here now, we're going to start talking more about our households. There's two sides to business, right? There's the buyer, there's the seller. In the labor market, there's the employee and the employer. So here as far as our household goes, who is the household in the goods market? Let's explore!