Oxford Diploma in Microeconomics Business courses

Microeconomics: an introduction will provide students with the technical skills needed to understand how consumers and businesses make daily consumption and production decisions. In this case, the course will ensure that students can connect basic microeconomic theory to everyday economic activity. In addition, by considering the case of market failure, which occurs in sharp contrast to traditional microeconomic theory, students will be able to develop critical thinking skills.
In this case, students will learn that contrary to the popular belief that supply, and demand are determined by the market, there are instances where government intervention is required to compensate for the price mechanism. Students will also be able to apply what they have learned in this course to real-world situations. Furthermore, this course will provide students with a solid foundation that they can use to advance to higher level studies in Microeconomics, as well as apply knowledge gained on the course to other online courses such as Globalization, the New Economic Powers, and Introduction to Macroeconomics.

KEY FEATURE

Microeconomics studies the individual markets that comprise the market system and is concerned with the decisions made by small economic units.

The price of a good is determined by the amount, type, and cost of resources used to make it. Land, labour, capital, and taxation are all production factors.

Many factors can influence the law of supply and demand. In general, it refers to the relationship between available supply and consumer demand, as well as how that translates into price.

A higher-priced product will have a greater supply or availability. A lower-priced good will sell more, implying a lower supply in the market.

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Key Topics
    This is a course for beginners/intermediate students that covers the fundamentals of microeconomics. The economic principles are emphasized, repeated, and supported with notes. Very well explained and supported by notes and revision lectures. This course is PERFECT for beginners who want to move quickly.

    Topics covered:

    • Market failure
    • Taxation
    • Subsidies
    • Demand
    • Supply
    • Price elasticity of demand
    • Price elasticity of supply
    • Elasticity and how to interpret it
    • Elasticity – calculations
    • Elasticity – shape of curves
    • Elasticity – tax/subsidy incidence
    • Ceteris paribus
    • Consumer surplus
    • Producer surplus
    • Microeconomics of football

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