Principles of Economics

This course is designed as an introduction to the study of economics. Participants will be exposed to the economic way of thinking and learn about the functioning of a modern market economy.

Principles of Economics

There is one session available:

After a course session ends, it will be archived.
8,528 already enrolled!
Estimated 10 weeks
5–10 hours per week
Self-paced
Progress at your own speed

About this course

Skip About this course

The early part of the course focuses on microeconomic analysis including the behavior of consumers and firms. We analyze markets for goods and services and policy choices that affect these markets. The later part of the course moves on to macroeconomic concepts such as national production, employment, inflation and interest rates. We explore models that determine long-run growth and short-term fluctuations in national economies. We then discuss the role of government regulation, monetary policy, and fiscal policy.

At a glance

  • Language: English

What you'll learn

Skip What you'll learn

Part 1

The Basic Core

  • Getting Started
  • Observing and Explaining the Economy
  • The Supply and Demand Model
  • Using the Supply and Demand Model

The Competitive Equilibrium Model

  • Deriving Demand
  • Deriving Supply
  • Market Equilibrium and Efficiency

Firms and Industries Changing Over Time

  • Cost and Changes at Firms Over Time
  • The Rise and Fall of Industries

Deviations from Competition

  • Monopoly and Market Power
  • Between Monopoly and Competition
  • Antitrust Policy and Regulation

Labor Markets

  • The Labor Supply and Demand Model
  • Labor Model Cont. – Min. Wage and Discrimination

Key Economic Policy Issues

  • Taxes, Transfers and Income Distribution
  • Public Goods and Externalities
  • Government Failure and Success

Financial and Capital Markets

  • Markets for Physical Capital
  • Financial Markets: Risk and Return

Part 2

Macro Facts and Measures

  • Getting Started with Macroeconomic Ideas
  • Measuring Production, Income and Spending of Nations

Long Run Macro

  • Determining Consumption, Investment and Govt. Shares
  • Employment and Unemployment
  • Productivity, Economic Growth and Determining Factors
  • A Look at Money, Inflation and the Fed

Short Run Macro

  • Introduction to Economic Fluctuations
  • Economic Fluctuations Model
  • Using the ADIA Model

Macro Policy Issues

  • Intro to Macroeconomic Policy
  • Fiscal Policy
  • Monetary Policy
  • Monetary Policy Analysis

International Economic Issues

  • Gains from Trade
  • International Trade Policy – Tariffs and Quotas

About the instructors

Frequently Asked Questions

Skip Frequently Asked Questions

Is a textbook required for this course?

No. There is a strongly recommended textbook, but it is not required. The textbook is Principles of Economics, Version 9.0 by John B. Taylor and Akila Weerapana. The online version can be purchased at https://catalog.flatworldknowledge.com/catalog/editions/principles-of-economics-9 for $44.95.

Will I receive Stanford credit for this course?

No, this course is not for credit.

Is there a deadline to complete the quizzes within the course?

The quizzes can be completed any time before the course end date.