Introductory · Social Sciences

Principles of Microeconomics

How individuals, firms and markets make decisions: scarcity, supply and demand, elasticity, costs, competition, monopoly and market failure.

6 chapters18 lessons2 hr 34 min18 quick checks

How this course works

The chapters and lessons below are the fixed course structure. When you start, LearnLive teaches each lesson interactively and adapts examples, pacing, and questions to you.

Complete syllabus

Every chapter and lesson

  1. 01

    Chapter 1 · 3 lessons

    Thinking Like an Economist

    1. 1.1

      Scarcity, tradeoffs & opportunity cost

      8 min · Quick check

    2. 1.2

      Marginal thinking & incentives

      9 min · Quick check

    3. 1.3

      Trade & comparative advantage

      8 min · Quick check

  2. 02

    Chapter 2 · 3 lessons

    Supply, Demand & Markets

    1. 2.1

      Demand, supply & equilibrium

      9 min · Quick check

    2. 2.2

      Shifts vs. movements

      9 min · Quick check

    3. 2.3

      Price ceilings & floors

      8 min · Quick check

  3. 03

    Chapter 3 · 3 lessons

    Elasticity & Welfare

    1. 3.1

      Price elasticity

      9 min · Quick check

    2. 3.2

      Consumer & producer surplus

      9 min · Quick check

    3. 3.3

      Efficiency & deadweight loss

      8 min · Quick check

  4. 04

    Chapter 4 · 3 lessons

    Firms, Costs & Competition

    1. 4.1

      Production & costs

      9 min · Quick check

    2. 4.2

      Perfect competition

      9 min · Quick check

    3. 4.3

      The profit-maximizing rule

      8 min · Quick check

  5. 05

    Chapter 5 · 3 lessons

    Market Power

    1. 5.1

      Monopoly

      9 min · Quick check

    2. 5.2

      Monopolistic competition & oligopoly

      9 min · Quick check

    3. 5.3

      Game theory basics

      8 min · Quick check

  6. 06

    Chapter 6 · 3 lessons

    Markets, Failure & Labor

    1. 6.1

      Externalities & public goods

      9 min · Quick check

    2. 6.2

      Taxes & their incidence

      8 min · Quick check

    3. 6.3

      Labor markets & wages

      8 min · Quick check

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