Microeconomics: The Consumer

Course description

This free online microeconomics course focuses on the consumer. The consumer plays an important role in the structure of the economy and in this course you will learn how everything, from age to education, affects the price one pays or the wages one earns. Grapple with price discrimination, labour markets, wages and labour unions, taxation and government provisions, public good, the Tragedy of the Commons problem, and more.

First, you will be introduced to the concept of price discrimination, learning about the meaning of perfect price (or first-degree) discrimination and looking into tying and bundling. You will study the marginal product of labour, human capital and unions, and see that unions can be useful in protecting workers and maintaining good employee relationships. The material will also discuss how work stoppages and strikes can slow down economic growth.

You will then move on to examining public goods. Learn the difference between free riders and forced riders in taxation as well as the meaning of Tragedy of the Commons, an enlightening economic conundrum. Look into the theory of adverse selection, asymmetric information, and propitious selection as well as learning how to reduce the occurrence of moral hazard. The course also discusses the concepts of consumption, utility, budget line, substitution and the indifference curve.

This course is the last in a series of four courses on Microeconomics. If you have finished studying ‘Microeconomics: Supply, Demand, and Equilibrium’, ‘Microeconomics: Price and Trade’, and ‘Microeconomics: Competition in the Marketplace’, this course will wrap up your journey in our microeconomics series. By taking these courses, you will significantly improve your understanding of economics and business. Check out the course today and learn something powerful.