The Power of Markets I: The Basics of Supply and Demand and Consumer Behavior
About this course
This opening module of the Power of Markets course covers the basic assumptions about market participants made by economists, the concept of opportunity cost, and the key determinants of supply and demand. We will then learn how to use the supply-demand framework to explain and predict market outcomes and to show how government policies affect those market outcomes. We will look at how quantity demanded and supplied respond to their key determinants in quantitative (elasticity) as well as qualitative terms. The last two weeks of the first module will investigate consumer behavior more closely and show how consumer choices are driven by the interplay of preferences and budget constraints. We will employ the consumer choice framework to examine investor choice as well as policies such as ObamaCare and school choice. Finally, we will also address the concept of how to distribute a given amount of goods across a society’s consumers in the most efficient manner.
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What you'll learn
- Explain the basic assumptions economists make about market participants and the concept of opportunity cost
- Use supply and demand models to predict market outcomes and analyze the effects of government policies
- Calculate and interpret elasticity measures to understand how quantity demanded and supplied respond to price changes
- Apply consumer choice theory to analyze decisions involving preferences and budget constraints
- Evaluate efficient allocation of goods across consumers using economic frameworks
Course objectives
- Build proficiency in using supply-demand frameworks to explain and predict market behavior
- Understand how government interventions affect market equilibrium
- Analyze consumer decision-making through the lens of preferences and constraints
- Apply economic models to policy issues like healthcare reform and school choice
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