About This Course

Welcome to Business Economics from Jiangxi University of Finance and Economics.

This course will provide you with a basic understanding of the principles of microeconomics, which studies the behavior of individuals and businesses and how decisions are made based on the allocation of limited resources. Microeconomics is the branch of economics that pertains to decisions made at the individual level, such as the choices that individual consumers and companies make after evaluating resources, costs, and tradeoffs. These decisions and behaviors affect the supply and demand for goods and services, which determine the prices we pay. These prices, in turn, determine the quantity of goods supplied by businesses and the quantity of goods demanded by consumers.

When we talk about the economy, we refer to the marketplace or economic system where our choices interact with one another. In this course, we discuss how and why we make economic decisions, and how our choices affect the economy. Think about each of the following units as a building block, where the concepts you learn will enable you to understand the material you discover in the next unit. By the end of this course, you will have a strong grasp on the major issues in microeconomics, this include consumer and producer behavior, the nature of supply and demand, the different kinds of markets and how they function, and the welfare outcomes of consumers and producers. We also explore how these formal principles and concepts apply to real-world issues. The scope and emphasis of this course go far beyond a general understanding of microeconomics to incorporate the core concepts of the overall field of economics.

Requirements

The main purpose of this course is to help students to have an objective and in-depth understanding of economic theory. The course is interspersed with a large number of videos and cases, covering five units, with thirteen chapters. Unit One: Introduction; Unit Two: How markets work; Unit Three: Households’ Choices; Unit Four: Firms and Markets; Unit Five: Market Failure and Government. 

Course Staff

Associate Professor, master supervisor, graduated from Kent State University, USA, PhD in finance. He has worked at State Street Bank, the University of North Carolina at Pembroke and the University of Alvernia. He has published several papers in journals such as the Journal of Economics and Business and at top academic conferences such as the American Annual Conference on Financial Management. His research areas include asset pricing, corporate finance, international finance, and international business.