Microeconomics: Supply, Demand, and Market Equilibrium — PickAClass
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⏱ 3h 📚 30 lessons

Microeconomics: Supply, Demand, and Market Equilibrium

Learn how individual choices, business decisions, and market forces interact to shape prices and resource allocation in everyday economies.

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About this course

Why do prices fluctuate, and how do businesses decide what to produce? Understanding the foundational forces of supply and demand is key to decoding how markets function and how decisions are made in the real world. This text-only course guides you through the core principles of microeconomics, helping you analyze how buyers and sellers interact to establish market equilibrium and how modern platform economies apply these classic concepts. What you'll learn: Understand foundational microeconomic terms, including scarcity, opportunity cost, and utility; Analyze the laws of supply and demand and how they determine market prices; Determine market equilibrium and predict how shifts in supply and demand curves affect prices; Evaluate the impact of government interventions, such as price ceilings and price floors, on market efficiency; Explore modern applications of equilibrium, including dynamic pricing and digital marketplace structures. You will start with basic economic concepts and definitions before moving step-by-step through supply and demand curves, equilibrium shifts, and real-world market scenarios. Every concept is reinforced with clear written explanations and practical analytical exercises. This course is designed for absolute beginners, students, or professionals looking to build a strong foundation in economic reasoning with no prior economics background required. Start reading today to unlock a clearer understanding of the economic forces shaping our world.

Course contents

6 modules · 30 lessons · 3h

1 Foundations of Economic Thinking
Master the core vocabulary and the logic behind human decision-making. 5 lessons · 30 min
  1. What is Microeconomics?
    Microeconomics studies how individual agents make choices under constraints.    6 min
  2. The Problem of Scarcity
    Resources are finite while wants are infinite, necessitating choice.    6 min
  3. Opportunity Cost
    The true cost of something is what you give up to get it.    6 min
  4. Utility and Satisfaction
    Individuals make choices to maximize their personal well-being or utility.    6 min
  5. Thinking Like an Economist
    Using marginal analysis to make rational decisions.    6 min
2 The Logic of Demand
Understand how consumers behave and how they respond to price changes. 5 lessons · 30 min
  1. Defining Demand
    Demand is the desire and ability to purchase a good at various prices.    6 min
  2. The Law of Demand
    As price rises, the quantity demanded falls, and vice versa.    6 min
  3. The Demand Curve
    Visualizing the inverse relationship between price and quantity.    6 min
  4. Determinants of Demand
    Factors like income and preferences that change how much people want to buy.    6 min
  5. Shifting the Demand Curve
    Distinguishing between a change in quantity demanded and a change in demand.    6 min
3 The Logic of Supply
Explore the motivations of producers and the factors that influence production. 5 lessons · 30 min
  1. Defining Supply
    Supply represents the total amount of a good available to consumers.    6 min
  2. The Law of Supply
    Producers offer more of a good as its price increases.    6 min
  3. The Supply Curve
    Visualizing the direct relationship between price and quantity supplied.    6 min
  4. Determinants of Supply
    How technology and input costs affect the willingness to produce.    6 min
  5. Shifting the Supply Curve
    Understanding why the entire supply line moves left or right.    6 min
4 Market Equilibrium
Combine supply and demand to see how prices are set in the real world. 5 lessons · 30 min
  1. The Concept of Equilibrium
    Equilibrium is the point where quantity supplied equals quantity demanded.    6 min
  2. Determining Market Price
    How the 'invisible hand' pushes prices toward the equilibrium point.    6 min
  3. Surplus and Shortage
    What happens when the market price is too high or too low.    6 min
  4. Analyzing Demand Shifts
    Predicting price and quantity changes when consumer behavior changes.    6 min
  5. Analyzing Supply Shifts
    Predicting price and quantity changes when production conditions change.    6 min
5 Efficiency and Government Intervention
Evaluate when markets work well and what happens when governments step in. 5 lessons · 30 min
  1. Market Efficiency
    Total surplus is maximized at the equilibrium point.    6 min
  2. Price Ceilings
    Legal maximum prices often lead to shortages (e.g., rent control).    6 min
  3. Price Floors
    Legal minimum prices often lead to surpluses (e.g., minimum wage).    6 min
  4. Deadweight Loss
    The loss of economic efficiency when equilibrium is not achieved.    6 min
  5. The Trade-off of Intervention
    Balancing equity and fairness against market efficiency.    6 min
6 Modern Markets and Digital Economies
Apply classic economic principles to the high-tech world of today. 5 lessons · 30 min
  1. The Rise of Platform Economies
    How digital platforms act as intermediaries between buyers and sellers.    6 min
  2. Dynamic Pricing
    Using algorithms to adjust prices in real-time based on demand (e.g., Uber).    6 min
  3. Digital Marketplace Structures
    Analyzing the unique supply/demand dynamics of Amazon and eBay.    6 min
  4. Information Asymmetry
    How digital markets solve (or create) problems with buyer/seller trust.    6 min
  5. The Future of Equilibrium
    Summarizing how classic microeconomics remains relevant in a digital age.    6 min
Final project

Market Analysis Case Study

Choose a real-world product or service (e.g., electric vehicles or a streaming service) and analyze its market dynamics.

What you'll get

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  • 💸 14-day refund
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  • ⚡ Short & focused
    3h of practical content

Certificate of completion

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Microeconomics: Supply, Demand, and Market Equilibrium
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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%
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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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