Introductory Economics: Market Equilibrium and Price Determination — PickAClass
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⏱ 3h 2m 📚 30 lessons 🎧 Audio version

Introductory Economics: Market Equilibrium and Price Determination

Master the fundamentals of microeconomics, market forces, and price determination under perfect competition through clear written explanations and practical scenarios.

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About this course

Understanding how prices are set in a competitive market is the foundation of economic literacy. This text-based course guides you through the core principles of microeconomics, focusing on perfect competition and market equilibrium. You will learn how demand and supply interact to determine market prices and how government interventions impact these dynamics. Learn to: Understand the defining characteristics of perfect competition and market structures; Analyze how market demand and market supply interact to achieve equilibrium; Calculate price determination and output levels using step-by-step written examples; Evaluate the real-world impact of government interventions, such as price ceilings and price floors; Apply classic economic theories to modern digital marketplaces that simulate perfect competition. You will begin with foundational economic terms and definitions before progressing to equilibrium mechanics and policy applications. Each section features written exercises and scenario analyses to reinforce your understanding. This course is designed for beginners, students preparing for introductory economics exams, and anyone wanting a solid grasp of microeconomic foundations. No prior economics background is required. Start reading today to build a strong foundation in economic theory.

Course contents

6 modules · 30 lessons · 3h 2m

1 Economic Foundations & Market Structures
Establish basic terminology and identify the features of perfect competition. 4 lessons · 24 min
  1. The Language of Economics
    Introduction to core economic terms like scarcity, resources, and choice.    6 min
  2. Micro vs. Macroeconomics
    Understanding the focus of microeconomics on individual agents and markets.    6 min
  3. The Spectrum of Market Structures
    A brief overview of different market types from monopoly to competition.    6 min
  4. The Ideal: Perfect Competition
    Defining the four strict characteristics that make a market perfectly competitive.    6 min
2 The Side of the Consumer: Market Demand
Understand how consumers behave and how market demand is formed. 5 lessons · 30 min
  1. The Law of Demand
    Exploring why people buy more when prices fall.    6 min
  2. From Individual to Market Demand
    How to aggregate individual choices into a single market demand curve.    6 min
  3. The Demand Schedule
    Creating a table that links prices to quantity demanded.    6 min
  4. Determinants of Demand
    Identifying factors like income and tastes that shift the demand curve.    6 min
  5. Movement vs. Shift in Demand
    Distinguishing between price changes and external factor changes.    6 min
3 The Side of the Producer: Market Supply
Understand producer behavior and the formation of market supply. 5 lessons · 30 min
  1. The Law of Supply
    Why higher prices encourage producers to offer more goods.    6 min
  2. Aggregating Market Supply
    How individual firm supplies combine to form the market supply.    6 min
  3. The Supply Schedule
    Mapping the relationship between price and quantity supplied in a table.    6 min
  4. Determinants of Supply
    Factors like technology and input costs that shift the supply curve.    6 min
  5. Movement vs. Shift in Supply
    Clarifying the difference between price changes and supply shocks.    6 min
4 Market Equilibrium & Price Determination
Combine supply and demand to find the market-clearing price and quantity. 6 lessons · 38 min
  1. Where Supply Meets Demand
    The concept of equilibrium as the point where plans of buyers and sellers match.    6 min
  2. The Equilibrium Point
    Identifying equilibrium on a graph where curves intersect.    6 min
  3. Calculating Equilibrium Price
    A step-by-step mathematical example of finding the market price.    7 min
  4. Calculating Equilibrium Output
    Using equations to determine the exact quantity produced and sold.    7 min
  5. Shortages and Surpluses
    What happens when the market price is not at the equilibrium level.    6 min
  6. Restoring Equilibrium
    How market forces naturally push prices back to the balance point.    6 min
5 Government Interventions
Analyze how policy decisions disrupt market equilibrium. 5 lessons · 30 min
  1. The Role of Policy
    Why governments decide to intervene in 'free' markets.    6 min
  2. Price Ceilings Defined
    Understanding legal maximum prices and their intended goals.    6 min
  3. Consequences of Price Ceilings
    Analyzing shortages and black markets resulting from rent controls.    6 min
  4. Price Floors Defined
    Understanding legal minimum prices like the minimum wage.    6 min
  5. Consequences of Price Floors
    Analyzing surpluses and unemployment resulting from price supports.    6 min
6 Modern Applications & Synthesis
Apply theories to the digital world and practice scenario analysis. 5 lessons · 30 min
  1. Real-World Policy Impact
    Evaluating the long-term social costs of market interventions.    6 min
  2. Digital Markets & Competition
    How the internet creates conditions close to perfect competition.    6 min
  3. Case Study: App Stores and E-commerce
    Applying equilibrium theory to modern digital platforms.    7 min
  4. Scenario Analysis Workshop
    A guided exercise predicting market changes based on specific events.    7 min
  5. Course Summary
    Reviewing the journey from definitions to complex market dynamics.    4 min
Final project

The Market Analyst Report

You will be given a hypothetical market scenario (e.g., a sudden increase in the cost of lithium for electric car batteries). You must calculate the new equilibrium, predict the shift in curves, and evaluate the impact of a proposed government price ceiling.

What you'll get

  • 📜 Certificate of completion
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  • 💬 Personal AI tutor
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  • 🎧 Audio version included
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  • ♾️ Lifetime access
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  • 📱 Phone or computer
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  • 💸 14-day refund
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  • ⚡ Short & focused
    3h 2m of practical content

Certificate of completion

Every course you complete on PickAClass issues a credential like this — original, with its own code, verifiable by URL, and detailed about what was actually demonstrated.

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Introductory Economics: Market Equilibrium and Price Determination
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Introductory Economics: Market Equilibrium and Price Determination
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Performance detail
Coursework summary
Lessons completed 14 / 14
Practice questions 26 / 28
Assignments submitted 4 (avg 4.5 / 5)
Capstone project Reviewed — 4.6 / 5
Total practice 6.2 hrs
Performance benchmark
Cohort rank Top 12% of 1,625
Time to completion 11 days (median: 22)
Mastery score 91 / 100
Practice-question score 94%
Skill verification Verified Skill Path
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Issued under the academic standards of PickAClass. Skill levels reflect assessed performance against the course's competency rubric. This is an original credential of this platform.

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