• Unit 1: Introduction and Basic Concepts

    This unit provides an overview of basic economic concepts. We begin with a definition of economics and then move to apply its basic tools of analysis. Next, supply and demand is considered from a theoretical standpoint and then is quantified. The unit closes with a discussion of government intervention and how it affects the market.

    As you work through this unit, consider the economic objectives of individuals, firms, and the government. Think about how the three interact in a shared economic space. Remember to maintain an objective viewpoint about all economic analysis and reflect on the quantitative methods developed to support economic theory.

    Completing this unit should take you approximately 14 hours.

    • Upon successful completion of this unit, you will be able to:

      • explain the standard theory in microeconomics at an intermediate level;
      • explain and use the basic tools of microeconomic theory, and apply them to help address problems in public policy; and
      • synthesize the impact of government intervention in the market.