Course Level 3: Advanced
Estimated Study Time: 1-2 hours
PREREQUISITES: Microeconomics: Supply, Demand, and Equilibrium, Microeconomics: Price and Trade, and Microeconomics: Competition in the Marketplace.
Have you ever wondered the role that you, the consumer, plays in the structure of the economy? As a matter of fact, it is an essential one. Learn about how everything from age to your education affect the prices you pay or the wages you earn.
First, learn about price discrimination. Is price discrimination good for society? Develop an opinion as you learn about the different outcomes of price discrimination. Then, learn about the different factors that affect wages. Decide if education is simply signalling or if it is truly skill building and whether or not labor unions truly have a positive affect on workers wages. Furthermore, learn about why particular jobs may pay more than others.
Next, learn about the difference between public, private, and common goods. Learn about taxation and the creation of free and forced riders. Following this, learn about the danger of asymmetric information and moral hazard in the marketplace. Last, learn about consumer choice. Learn how you determine that value of a good and at what point this value begins to diminish.
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