The Best Online Microeconomics Courses for Beginners
Microeconomics is the study of what economic actors - be they people, firms, or whole industries - do when confronted with choice, and how this affects the distribution of resources. It’s fascinatingly revealing but can be frustratingly complex. And regardless of which direction your economics career takes, it’s likely that, at some point, it will have to be mastered. But that’s fine, INOMICS is here.
Our support, we promise, is, and will forever be, unfaltering - we recognise how tough things currently are. University life is in flux, campuses are mostly shut, and there’s little idea when, if ever, things will return to their pre-COVID ways - that is for those whose memories extend that far. Life is characterised by zoom calls, lagging voices and frozen faces, of cursing your internet connection and being proud that you’re yet to trash your misbehaving laptop. Stuck at home, though, it’s also the perfect time (we think at least) to get started with some microeconomics. For one positive thing the pandemic has done is fast forward us to a future where online courses are ten a penny. With so many to choose from, finding the right one isn’t easy, so to make your life easier INOMICS has compiled a list of the best beginner courses out there. Some of them don’t cost a thing!
1. Economics: Mastering Microeconomics 101 by Udemy
Described as the ‘comprehensive study aid for anyone studying economics’, this course does exactly what it says on the tin, covering the key foundational concepts of microeconomics, and giving those enrolled all they need to go on and take more advanced courses. The only requirement is an understanding of straight line graphs and basic arithmetic, meaning pretty much anybody can take part. The 9 hour course can be accessed for just €12.99.
2. Microeconomics by Khan Academy
The Khan Academy has long been one of the most trusted online learning institutions the internet has to offer, so quality here is pretty much guaranteed. In terms of content, this is a beginners course that will introduce you to microeconomic basics, including factor markets, market failure and the role of government, consumer theory and elasticity. And the best thing of all, it’s free.
3. Microeconomics Principles by the University of Illinois
In just 23 hours of learning, the professors of the University of Illinois will teach you all you need to know about the main principles of microeconomics. At its core, the course attempts to debunk the myth that economics is only about money, and to that end, it covers areas as disparate as the environment, love, crime, business, and sport. On completion, you’ll come to realise how versatile economic methods can be, and that, with the right implementation, they can be applied to pretty much anything! The generous people at Illinois are offering the course for free, too.
4. Microeconomics: The Power of Markets by the University of Pennsylvania
Also free, continuing something of a trend, this course looks specifically at microeconomics theory of markets, asking why we have them, how they work, and exactly what they accomplish. It makes a point of taking examples from everyday life, and theory is always applied to current policy debates to ensure a feeling of relevance. No previous experience is required for this 9 hour course, and it’s first come first serve.
5. The Power of Microeconomics: Economic Principles in the Real World by UCI
In this course, you will learn about - surprise, surprise - all the major principles of microeconomics that are typically taught to economics undergraduates or MBA students in their first semester. Once again, there’s an emphasis on applying these principles to real world situations, not just in your professional life, but your personal life too - which adds an interesting twist. The course is approximately 20 hours long.
6. Microeconomics by MIT
This beginner-level certification is designed to familiarise you with (can anyone guess?) the core fundamentals of microeconomics. Real-world models are used to identify and describe real-life behavior, and the decisions of consumers and firms. And this focus runs through the course, an attempt to make theory applicable to real life. Offered by MIT, this certification is an excellent place to take the first step in the field of microeconomics. And like all courses offered by MIT you can expect a high level of teaching. The workload is 3-4 hours per week, and the course lasts 12 weeks.
7. Strategic Business Management - Microeconomics by UCI
In a slight divergence from the above, this course combines business strategy with the principles of microeconomics. Drawing on lessons from business, management, finance, operations management, marketing, statistics, and, of course, business strategy, the course is diverse, to say the least. It typically takes around 24 hours to complete, and is open to all, no matter what academic background.
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Despite the easing of Corona-induced restrictions in certain places around the world, many universities and centers of learning remain shut, and will likely stay so for some time. For the foreseeable future then online learning will fill the void and become the default means of study. Yes, these are strange times. If you aren't already incredibly familiar with Zoom/Whereby/Skype we advise you to download them all now!