Learning Outcomes

I, Rose

A Price is a Signal Wrapped up in an Incentive

Markets Link the World

The Great Economic Problem

Information and Incentives

Speculation

Prediction Markets

Lesson Summary

In this module, learn about the price system and how people with dispersed knowledge and information help to coordinate global economic activity. Then, learn how markets link the world and how we should approach limited resources. Next, learn about how prices provide information and incentives and signals. Lastly, learn about speculation and futures and the effect they have on prices.

Price Ceilings

Price Ceilings: Shortages and Quality Reduction

Price Ceilings: Lines and Search Costs

Price Ceilings: Deadweight Loss

Price Ceilings: Misallocation of Resources

Price Ceilings: Rent Controls

Price Floors: The Minimum Wage

Price Floors: Airline Fares

Why Do Governments Enact Price Controls?

Price Controls and Communism

In this module, learn about price ceilings and price floors. Learn how price ceilings create shortages, such as in the oil crisis of the 1970s.  Then, learn what the unintended consequences of price ceilings are. Following lessons on price ceilings, you will learn about price floors, such as minimum wage. Lastly, you will learn about how price controls relate to communism.

The Big Ideas of Trade

Comparative Advantage

Another Look at Comparative Advantage

Comparative Advantage Homework

Tariffs and Protectionism

Arguments Against International Trade

In this module, you will learn about specialization and division of knowledge and how this relates to trade. Then, you will learn about comparative advantage. Following this, learn about the costs and consequences of tariffs, quotas, and protectionism. Lastly, learn the common arguments against international trade.

Microeconomics: Price and Trade - Final Assessment

This free course covers how price and trade influence the markets and tariffs and the link between imports and exports.

Microeconomics: Price and Trade

This free online microeconomics course will teach you about price and trade. You will learn about the price system, which helps to co-ordinate global economic activity and acts as a signal for shortages and surpluses, helping firms and consumers respond to changing market conditions. You will also study how trade increases competition, lowers world prices and breaks down domestic monopolies.

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