Microeconomics Principles For A Prosperous Life

Mastering and Harnessing the Power of Microeconomics

What you'll learn

Learn the basic principles of microeconomics from a strategic point of view

Learn how to apply microeconomics in your daily personal and business life

Better manage your personal finances and economic choices

Better manage your workplace, whether you are an executive, manager, or line worker

Requirements

This course is freshman level college and above but available to all advanced high schools students as well

Description

In this course, you will learn all of the major principles of microeconomics normally taught in a quarter or semester course to college undergraduates or MBA students.Perhaps more importantly, you will also learn how to apply these principles to a wide variety of real-world situations in both your personal and professional lives. In this way, a mastery of Microeconomic Principles will help you prosper in an increasingly competitive environment.Topics include supply and demand, strategic marketing and microeconomics, consumer and production theory, an overview of operations and supply chain management, perfect competition, oligopoly, monopoly, strategic capital finance, how wages and rents are set, the importance of organizational culture and behavior, public goods, and the externalities problem.Key concepts include the production possibilities frontier, opportunity costs, the law of demand, price floors and ceilings, marginal utility, price elasticity, economies of scale and natural Monopoly, the structure-conduct-performance paradigm, Pareto optimality, deadweight loss, efficiency versus equity, product differentiation, tacit versus explicit collusion, net present value, factors affecting wage differentials, rent versus economic rent, the free rider problem, negative versus positive externalities, Pigouvian taxes and subsidies, the median voter model, and progressive versus regressive taxes.Note that this course is a companion to Strategic Macroeconomics for Business and Investing. If you take both courses, you will learn all of the major principles normally taught in a year-long introductory economics college course.

Overview

Section 1: Introduction to Strategic Microeconomics for Business & Investing

Lecture 1 Module 1.1: An Introduction to Strategic Microeconomics

Lecture 2 Module 1.2: Microeconomics in Our Everyday Business & Personal Lives

Lecture 3 Module 1.3: Microeconomics Defined and Major Economic Models

Lecture 4 Module 1.4: The Scarcity Problem; & Three Questions Every Nation Must Answer

Lecture 5 Module 1.5: The Production Possibilities Frontier & Opportunity Costs

Lecture 6 Module 1.6: The Fundamental Concepts of Microeconomics & Course Overview

Section 2: Supply and Demand

Lecture 7 Module 2.1: Law of Demand, Income-Substitution Effects, Demand Curve Shifts

Lecture 8 Module 2.2: Change in Demand vs. Change in Quantity Demanded; Supply Shifts

Lecture 9 Module 2.3: Equilibrium; Price Effects of Supply and Demand Curve Shifts

Lecture 10 Module 2.4: Price Floors, Price Ceilings, and Rationing

Lecture 11 Module 2.5: Supply & Demand Analysis in Business Action

Section 3: An Introduction to Consumer Theory

Lecture 12 Module 3.1: From Consumer Theory to Strategic Marketing

Lecture 0 Module 3.2: Consumer Optimization; Income and Substitution Effects

Lecture 13 Module 3.3: Demand Price Elasticity; Price Elasticity Formula

Lecture 0 Module 3.4: Demand Price Elasticity Determinants; Elastic and Inelastic Demand

Lecture 0 Module 3.5: Pricing and Marketing Strategies; Price Elasticity and Total Revenue

Lecture 14 Module 3.6: Strategic Marketing and Microeconomics

Lecture 0 Module 4.1: Overview of Production Theory and the Production Function

Lecture 0 Module 4.2: Average, Marginal, Variable, and Total Costs

Lecture 0 Module 4.3: Marginal Cost; The AFC, ATC, and AVC Curves

Lecture 0 Module 4.4: Long Run Cost Analysis and Economies of Scale

Lecture 0 Module 4.5: The Structure-Conduct-Performance Paradigm and Natural Monopoly

Lecture 0 Module 4.6: Accounting vs. Economic Profits

Lecture 0 Module 4.7: Operations and Supply Chain Management

Lecture 0 Module 5.1: Overview of Industry Structure, Conduct, and Performance

Lecture 0 Module 5.2: Assumptions of Perfect Competition; The P=MR Condition

Lecture 0 Module 5.3: Imperfect Competition; Externalities and the Public Goods Problem

Lecture 0 Module 5.4: Pricing and Production Rules; P=MR=MC; The Shutdown Rule

Lecture 0 Module 5.5: Long Run Equilibrium; Normal or Zero Economic Profits

Lecture 0 Module 5.6: Allocative vs. Productive Efficiency; Pareto Optimality; Surplus

Lecture 0 Module 5.7: Efficiency vs. Equity; Normative vs. Positive Analysis

Lecture 0 Module 6.1: Why Study Imperfect Competition?

Lecture 0 Module 6.2: Monopoly Defined and Monopoly's Pricing Rule

Lecture 0 Module 6.3: Regulating Natural Monopoly; The P=AC Rule; X-efficiency

Lecture 0 Module 6.4: Monopolistic Competition; Product Differentiation

Lecture 0 Module 6.5: Market Conduct Under Monopolistic Competition

Lecture 0 Module 6.6: An Introduction to Management Strategy

Lecture 0 Module 7.1: Oligopoly Defined; Strategic Interactions and Mutual Dependence

Lecture 0 Module 7.2: Major Sources of Oligopoly

Lecture 0 Module 7.3: Market Power and Action; Cooperative vs. Non-Cooperative Behavior

Lecture 0 Module 7.4: Joint Profit Maximization Model; Why Cartels Can Fail; Price Leaders

Lecture 0 Module 7.5: Joint Profit Max Model; Why Cartels Can Fail; Price Leadership Model

Lecture 0 Module 7.6: Game Theory and Prisoner’s Dilemma; Payoff Matrix; Nash Equilibrium

Lecture 0 Module 8.1: Capital Analysis in Real World; Big Questions of Corporate Finance

Lecture 0 Module 8.2: Capital Goods; Interest Rate Defined; Rate of Return

Lecture 0 Module 8.3: Depreciation; Theory of Loanable Funds; Two Interest Rate Functions

Lecture 0 Module 8.4: Net Present Value; Perpetuities; Demand, Supply and Interest Rates

Lecture 0 Module 8.5: NPV In the Real World; The NPV Equation

Lecture 0 Module 8.6: Interest Rates In Real World; Factors Determining Interest Rates

Lecture 0 Module 8.7: The Capital Asset Pricing Model

Lecture 0 Module 9.1: Key Concepts of Organizational Behavior

Lecture 0 Module 9.2: The Wage Rate, Unions, and Monopsony

Lecture 0 Module 9.3: Derived Demand for Labor; Theory of Resource Demand

Lecture 0 Module 9.4: Wages, Productivity, and Product Prices; Backward Bending Curve

Lecture 0 Module 9.5: Wages in Imperfectly Competitive Labor Markets; Monopsony & Monopoly

Lecture 0 Module 9.6: Wage and Compensating Differentials; Quasi-rents; Human Capital

Lecture 0 Module 9.7: How Land is Priced; Rent Versus Economic Rent

Lecture 0 Module 9.8: The "Corn Wars" and Theory of Ricardian Rents; Property Rights

Lecture 0 Module 9.9: Henry George’s Land Tax; Tax Incidence Analysis

Lecture 0 Module 9.10: Determinants of the Price of Land and Rents; Rent Seeking

Lecture 0 Module 10.1: The Logic of Government Intervention

Lecture 0 Module 10.2: Public vs. Private Goods; Non-rival Consumption; Free Rider Problem

Lecture 0 Module 10.3: Economic Efficiency & Public Goods; Market Demand for Public Goods

Lecture 0 Module 10.4: Benefit-Cost Analysis and the Decision Rule

Lecture 0 Module 10.5: Negative and Positive Externalities

Lecture 0 Module 10.6: Correcting Market Failures; The Coase Theorem; Pigouvian Taxes

Lecture 0 10.7: Government Intervention; Pigouvian Taxes; Internalizing Externalities

Lecture 0 Module 10.8: Progressive, Proportional, and Regressive Taxes

Lecture 0 Module 10.9: Public Choice; The Median Voter Model; The Paradox of Voting

nvestors, corporate executives, and just plain folks interested in managing their finances, workplace, and economic choices in an increasingly chaotic global economic environment