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
- 01
Chapter 1 · 3 lessons
Thinking Like an Economist
- 1.1
Scarcity, tradeoffs & opportunity cost
8 min · Quick check
Lesson goal: By the end you can explain the concepts of scarcity, tradeoffs, and opportunity cost.
- Define scarcity and its implications for resource allocation.
- Explain tradeoffs and how they relate to decision-making.
- Define opportunity cost and provide examples of its application.
- 1.2
Marginal thinking & incentives
9 min · Quick check
Lesson goal: By the end you can analyze how marginal thinking and incentives influence economic decisions.
- Define marginal thinking and its importance in economics.
- Explain how incentives affect individual and collective choices.
- Provide examples of marginal analysis in real-world scenarios.
- 1.3
Trade & comparative advantage
8 min · Quick check
Lesson goal: By the end you can describe trade and comparative advantage and their roles in economic efficiency.
- Define trade and comparative advantage.
- Explain how comparative advantage leads to specialization and trade.
- Provide examples of comparative advantage in international trade.
- 1.1
- 02
Chapter 2 · 3 lessons
Supply, Demand & Markets
- 2.1
Demand, supply & equilibrium
9 min · Quick check
Lesson goal: By the end you can explain the concepts of demand, supply, and market equilibrium.
- Define demand and its determinants.
- Define supply and its determinants.
- Explain the concept of market equilibrium and how it is achieved.
- Discuss the significance of equilibrium price and quantity.
- Illustrate the interaction between demand and supply in a market.
- 2.2
Shifts vs. movements
9 min · Quick check
Lesson goal: By the end you can differentiate between shifts and movements in demand and supply curves.
- Define movement along a demand or supply curve and its causes.
- Define shift of a demand or supply curve and its causes.
- Explain the factors that lead to shifts in demand and supply.
- Illustrate examples of shifts versus movements using graphs.
- Discuss the implications of shifts and movements on market equilibrium.
- 2.3
Price ceilings & floors
8 min · Quick check
Lesson goal: By the end you can analyze the effects of price ceilings and price floors on markets.
- Define price ceiling and price floor.
- Explain the consequences of implementing a price ceiling on a market.
- Explain the consequences of implementing a price floor on a market.
- Discuss the impact of price controls on consumer and producer surplus.
- Illustrate the effects of price ceilings and floors using supply and demand graphs.
- 2.1
- 03
Chapter 3 · 3 lessons
Elasticity & Welfare
- 3.1
Price elasticity
9 min · Quick check
Lesson goal: By the end you can define price elasticity and explain its significance in economics.
- Understand the definition of price elasticity of demand and supply.
- Identify the factors that influence price elasticity.
- Differentiate between elastic, inelastic, and unitary elasticity.
- 3.2
Consumer & producer surplus
9 min · Quick check
Lesson goal: By the end you can explain consumer and producer surplus and their implications for market efficiency.
- Define consumer surplus and producer surplus.
- Illustrate how consumer and producer surplus are represented on a supply and demand graph.
- Discuss the importance of surplus in evaluating market efficiency.
- 3.3
Efficiency & deadweight loss
8 min · Quick check
Lesson goal: By the end you can analyze the concepts of efficiency and deadweight loss in a market context.
- Define economic efficiency and deadweight loss.
- Explain how deadweight loss occurs in markets.
- Evaluate the impact of taxes and subsidies on efficiency and deadweight loss.
- 3.1
- 04
Chapter 4 · 3 lessons
Firms, Costs & Competition
- 4.1
Production & costs
9 min · Quick check
Lesson goal: By the end you can explain the relationship between production and costs.
- Define production and its importance in economics.
- Identify different types of costs: fixed, variable, total, average, and marginal.
- Explain how production levels affect costs and decision-making for firms.
- 4.2
Perfect competition
9 min · Quick check
Lesson goal: By the end you can describe the characteristics and outcomes of perfect competition.
- Define perfect competition and its key characteristics: many buyers and sellers, homogeneous products, and free entry and exit.
- Explain how firms in perfect competition are price takers.
- Discuss the long-run equilibrium in a perfectly competitive market.
- 4.3
The profit-maximizing rule
8 min · Quick check
Lesson goal: By the end you can apply the profit-maximizing rule to firm decision-making.
- Define the profit-maximizing rule: produce where marginal cost equals marginal revenue.
- Identify the conditions under which a firm maximizes profit.
- Explain the implications of the profit-maximizing rule for different market structures.
- 4.1
- 05
Chapter 5 · 3 lessons
Market Power
- 5.1
Monopoly
9 min · Quick check
Lesson goal: By the end you can define monopoly and explain its characteristics.
- Understand the definition of monopoly.
- Identify the key characteristics of a monopoly market structure.
- Discuss the implications of monopoly on consumer choice and pricing.
- Examine real-world examples of monopolies.
- 5.2
Monopolistic competition & oligopoly
9 min · Quick check
Lesson goal: By the end you can differentiate between monopolistic competition and oligopoly.
- Define monopolistic competition and oligopoly.
- Compare and contrast the characteristics of monopolistic competition and oligopoly.
- Analyze the market behavior of firms in monopolistic competition and oligopoly.
- Explore examples of industries that exhibit monopolistic competition and oligopoly.
- 5.3
Game theory basics
8 min · Quick check
Lesson goal: By the end you can explain the basics of game theory and its application in economics.
- Define game theory and its relevance to economics.
- Identify key concepts such as players, strategies, and payoffs.
- Discuss the significance of Nash equilibrium in strategic interactions.
- Apply game theory concepts to real-world economic scenarios.
- 5.1
- 06
Chapter 6 · 3 lessons
Markets, Failure & Labor
- 6.1
Externalities & public goods
9 min · Quick check
Lesson goal: By the end you can explain the concepts of externalities and public goods and their impact on market efficiency.
- Define externalities and provide examples of positive and negative externalities.
- Explain the characteristics of public goods and how they differ from private goods.
- Discuss the implications of externalities and public goods on market failure and government intervention.
- 6.2
Taxes & their incidence
8 min · Quick check
Lesson goal: By the end you can analyze the effects of taxes on market behavior and understand tax incidence.
- Define tax incidence and distinguish between statutory incidence and economic incidence.
- Explain how taxes can affect supply and demand curves in a market.
- Discuss the concepts of deadweight loss and tax burden in relation to market efficiency.
- 6.3
Labor markets & wages
8 min · Quick check
Lesson goal: By the end you can evaluate the dynamics of labor markets and the factors influencing wages.
- Define labor markets and explain the role of supply and demand in determining wages.
- Discuss the impact of minimum wage laws and labor unions on wage levels.
- Analyze the relationship between productivity and wages in different sectors.
- 6.1