All goods and services are subject to scarcity at some level, which requires that society develop some allocation mechanism to determine who gets what.
Over recorded history, these allocation rules were usually command based, meaning that the king or the emperor would decide. In contemporary times, most countries have turned to market-based allocation systems. In markets, prices act as rationing devices, encouraging or discouraging production and encouraging or discouraging consumption to find an equilibrium allocation of resources.
To understand this process, businesses construct demand curves to capture consumer behavior and consider supply curves to capture producer behavior. The resulting equilibrium price “rations” the scarce commodity.
After this Firm Level Economics - Consumer and Producer Behavior course offered by Coursera in partnership with University of Illinois, you will be able to:
- Describe consumer behavior as captured by the demand curve.
- Define equilibrium and explain the impact of taxes and price controls on market equilibrium
- Explain elasticity of demand
- Describe cost theory and how firms optimize given the constraints of their own costs and an exogenously given price
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- Course Orientation
- Scarcity, Allocation, and Markets
- Government Intervention in Markets
- Firms, Production, and Costs
- Firm Behavior
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- 1 months
Start dates & application deadlines
DisciplinesEconomics Business Administration Family & Consumer Science View 12 other Short Courses in Family & Consumer Science in United States
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We are not aware of any academic requirements for this programme.
We are not aware of any English requirements for this programme.
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InternationalFreeTuition FeeBased on the tuition of 0 USD for the full programme during 1 months.
NationalFreeTuition FeeBased on the tuition of 0 USD for the full programme during 1 months.
Coursera provides financial aid to learners who cannot afford the fee. Apply for it by clicking on the Financial Aid link beneath the "Enroll" button on the left. You'll be prompted to complete an application and will be notified if you are approved. You'll need to complete this step for each course in the Specialization, including the Capstone Project.
Studyportals Tip: Students can search online for independent or external scholarships that can help fund their studies. Check the scholarships to see whether you are eligible to apply. Many scholarships are either merit-based or needs-based.
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Apply and win up to €10000 to cover your tuition fees.