What is microeconomics, and why is it important to learn about?

Microeconomics is the branch of economics that studies the decision-making of individual people or companies within a market under conditions of scarcity - which is to say, limited money or other resources. This is in contrast to macroeconomics, which seeks to understand aggregated groups of economic actors at the state, country, or global level. Microeconomics is important as a tool to help businesses understand consumer behavior as well as the calculus of competitors. For example, microeconomics is the foundation of pricing theories that help companies set optimal prices for their products, or it could help anticipate how changing interest rates are likely to affect investment decisions of other businesses. And, while the theories of microeconomics are not new, the ability to apply data analysis techniques to vast datasets about the behavior of individuals and companies has helped to deepen the insights that microeconomics can produce. Amidst these advances in the field, microeconomics orthodoxy is often challenged from a variety of perspectives. In contrast to the classical model of supply and demand balancing to create efficient pricing in a “perfect” market, the field of behavioral economics has drawn out the ways cognitive biases and other “irrational” economic actions frequently drive decision-making. Conventional microeconomics may also ignore environmental or social externalities, which are impacts on parties outside an economic transaction that are not reflected in prices. Despite these shortcomings, an understanding of microeconomic theory is still a fundamental starting point to describing market behavior - even if your goal is to highlight market imperfections or other ways that conventional theory fails in the real world.

What kinds of careers can I have with a background in microeconomics?

Microeconomics is a perennially popular field of study for a reason; it is essential to running a business. A background in this field can be helpful for any role concerned with ensuring a company’s competitiveness and profitability, such as marketing analysts, operations managers, financial officers, and chief executives. Thus, microeconomics is a prerequisite for any bachelor’s degrees in business, as well as masters in business administration (MBA). However, those wishing to dive deeper into the nuts and bolts of this discipline may wish to become a full-time economist responsible for analyzing data, studying trends, and developing new theories of microeconomics. According to the Bureau of Labor Statistics , economists earn a median annual salary of $105,020, and typically have a masters degree or even a doctorate in this field.

Can I learn about microeconomics by taking online courses on Coursera?

Yes. Coursera has a wealth of courses and Specializations in business, including courses in microeconomics and related topics in consumer behavior, econometrics, and business analysis. You can learn remotely on a flexible schedule from top-ranked institutions like the University of Pennsylvania, the University of California Irvine, and the University of Illinois. And, because tuition for courses on Coursera is much lower than for the same courses attended by on-campus students, you don’t need to be an expert in microeconomics to understand the excellent value online learning offers.

What skills or experience do I need to already have, before starting to learn microeconomics?

Having strong analytical and critical thinking skills can help you learn microeconomics, as they enable you to conduct research, apply theories, and look for trends in data. If you have previously taken coursework in geometry, you should be able to apply concepts like logical deduction to your study of microeconomics. You also may encounter situations that require an understanding of slope and fractional equations, but math skills tend to be less important than analytical skills when learning microeconomics. Some experience in business, specifically marketing, price setting, and human resources can be useful as you learn microeconomics.

What kind of people are best suited for roles in microeconomics?

People best suited for roles in microeconomics are interested in exploring the ways people use resources, which can be anything from money to fossil fuels to suitable marriage partners. They have strong research and analytical skills that they put to work studying economic theories, interpreting data, and applying their knowledge to real world situations. Looking for patterns and trends in data comes easily to people best suited for roles in microeconomics. They tend to have a natural curiosity about human behavior, especially the relationship between society and how humans respond to fluctuations in supply and demand of limited resources.

How do I know if microeconomics is right for me?

If you're interested in understanding how individuals and businesses make decisions and exploring how they respond to the consequences of those decisions, learning microeconomics may be right for you. You can study topics like supply and demand, comparative advantage, and scarcity along with how they drive behavior in individuals and organizations. Many of these principles can be applied to a variety of fields, including education, health, agriculture, and public policy. A knowledge of microeconomics can be beneficial if you're thinking of pursuing a career in one of these fields, are considering starting a business, or want to apply microeconomics principles to your personal decision-making process.

What are the benefits of taking an online Microeconomics course?

Online Microeconomics courses offer a convenient and flexible way to enhance your knowledge or learn new Microeconomics skills. Choose from a wide range of Microeconomics courses offered by top universities and industry leaders tailored to various skill levels.

What Microeconomics courses are best for training and upskilling employees or the workforce?

When looking to enhance your workforce's skills in Microeconomics, it's crucial to select a course that aligns with their current abilities and learning objectives. Our Skills Dashboard is an invaluable tool for identifying skill gaps and choosing the most appropriate course for effective upskilling. For a comprehensive understanding of how our courses can benefit your employees, explore the enterprise solutions we offer. Discover more about our tailored programs at Coursera for Business here .

Top Microeconomics Courses - Learn Microeconomics Online

Results for "microeconomics"

Status: Free
University of Pennsylvania
Microeconomics: The Power of Markets
Skills you'll gain: Supply And Demand, Economics, Market Dynamics, Market Analysis, Market Trend, Resource Allocation, Policy Analysis, Tax, Consumer Behaviour, Cost Benefit Analysis, Decision Making
4.7
Rating, 4.7 out of 5 stars
1.6K reviews
Mixed · Course · 1 - 3 Months
University of Illinois Urbana-Champaign
Microeconomics Principles
Skills you'll gain: Supply And Demand, Economics, Market Dynamics, Social Studies, Social Sciences, Resource Allocation, Socioeconomics, Consumer Behaviour, Decision Making
4.8
Rating, 4.8 out of 5 stars
3.2K reviews
Beginner · Course · 1 - 4 Weeks
University of Illinois Urbana-Champaign
Microeconomics Principles
Skills you'll gain: Supply And Demand, Economics, Market Dynamics, Policy Analysis, Business Economics, Business, Public Policies, Business Operations, Price Negotiation, Social Studies, Consumer Behaviour, Political Sciences, Social Sciences, Business Strategy, Market Analysis, Revenue Management, Decision Making, Entrepreneurship, Socioeconomics, Resource Allocation
4.8
Rating, 4.8 out of 5 stars
3.2K reviews
Beginner · Specialization · 1 - 3 Months
Status: Free
University of Pennsylvania
Microeconomics: When Markets Fail
Skills you'll gain: Market Dynamics, Economics, Socioeconomics, Supply And Demand, Market Analysis, Competitive Analysis, Public Policies, Policty Analysis, Research, and Development, Consumer Behaviour, Cost Benefit Analysis
4.8
Rating, 4.8 out of 5 stars
641 reviews
Mixed · Course · 1 - 3 Months
Status: Free
Yale University
Narrative Economics
Skills you'll gain: Behavioral Economics, Storytelling, Data Storytelling, Economics, Economic Development, Financial Forecasting, Socioeconomics, Forecasting, Social Studies, Consumer Behaviour, Analysis, Complex Problem Solving
4.8
Rating, 4.8 out of 5 stars
667 reviews
Beginner · Course · 1 - 4 Weeks
Status: Free
Erasmus University Rotterdam
Econometrics: Methods and Applications
Skills you'll gain: Econometrics, Time Series Analysis and Forecasting, Regression Analysis, Data Analysis, Economics, Trend Analysis, Statistical Analysis, Quantitative Research, Statistical Modeling, Statistics, Forecasting, Probability, Linear Algebra, Peer Review
4.6
Rating, 4.6 out of 5 stars
1.2K reviews
Mixed · Course · 1 - 3 Months
Rice University
Principles of Economics: Microeconomics - Down to Business
Skills you'll gain: Business Economics, Market Dynamics, Economics, Game Theory, Supply And Demand, Operating Cost, Cost Benefit Analysis, Market Analysis, Consumer Behaviour, Policty Analysis, Research, and Development, Competitive Analysis, Decision Making
4.8
Rating, 4.8 out of 5 stars
19 reviews
Beginner · Course · 1 - 3 Months
University of Illinois Urbana-Champaign
Managerial Economics and Business Analysis
Skills you'll gain: Descriptive Statistics, Supply And Demand, Market Dynamics, Sampling (Statistics), Statistical Inference, Business Analytics, Bank Regulations, Financial Systems, Financial Policy, Banking, Probability Distribution, Statistical Analysis, Statistical Hypothesis Testing, Regression Analysis, Microsoft Excel, Data-Driven Decision-Making, Statistical Methods, Economics, Financial Market, Business Economics
Build toward a degree
4.8
Rating, 4.8 out of 5 stars
4K reviews
Beginner · Specialization · 3 - 6 Months
Rice University
A Story of Economics: A Principles Tale
Skills you'll gain: Economics, Supply And Demand, Business Economics, Market Dynamics, Economic Development, Game Theory, Financial Policy, Socioeconomics, Tax, Market Analysis, International Relations, Operating Cost, Public Policies, Cost Benefit Analysis, Business Metrics, Performance Metric, Fiscal Management, Consumer Behaviour, Investments, Labor Relations
4.8
Rating, 4.8 out of 5 stars
96 reviews
Beginner · Specialization · 3 - 6 Months
Status: Free
University of Amsterdam
Logic for Economists
Skills you'll gain: Computational Logic, Logical Reasoning, Deductive Reasoning, General Mathematics
4.4
Rating, 4.4 out of 5 stars
283 reviews
Advanced · Course · 1 - 3 Months
Status: Free
The University of Tokyo
Welcome to Game Theory
Skills you'll gain: Game Theory, Socioeconomics, Social Sciences, Behavioral Economics, Economics, Strategic Decision-Making, Decision Making, Business Strategy, Probability
4.7
Rating, 4.7 out of 5 stars
2K reviews
Beginner · Course · 1 - 4 Weeks
Status: Free
University of Rochester
The Power of Markets I: The Basics of Supply and Demand and Consumer Behavior
Skills you'll gain: Supply And Demand, Market Dynamics, Economics, Consumer Behaviour, Resource Allocation, Cost Benefit Analysis, Market Analysis, Policy Analysis, Decision Making, Investment Management
4.6
Rating, 4.6 out of 5 stars
263 reviews
Beginner · Course · 1 - 4 Weeks