Principles of Microeconomics Online Course
UND's microeconomics online course explores the nature, method and scope of economic analysis.
- College Algebra or Finite Mathematics or Equivalent
- Online - Self-Paced Enroll Anytime
- EST. time to complete:
- 3 to 9 Months
- $342.16 per credit (no fees)
Why take Principles of Microeconomics online?
In a broad sense, economics is the study of how society manages its scarce resources. Microeconomics is the study of how households and business firms make decisions and interact in specific markets.
Resources are the inputs that are used to produce goods and services (resources are also called factors of production). For example, the textbook that you buy for this course is a good and several types of resources were used to produce it. The paper that makes up most of the book is made from wood, which is a natural resource. The services provided by the author and editors are human resources, as are the contributions of the people in the bindery where the textbook was put together. That bindery and the machinery within it are capital resources.
Resources are considered scarce because there aren't enough of them to satisfy the unlimited desires that people have for goods and services. Among the various countries of the world, the United States is blessed with a relative abundance of high-quality resources. However, most of us who would like to own a top-of-the-line luxury car don't own one. Indeed, many Americans who would like to have a car don't have one at all. Obviously, this example of unfulfilled desire pales in comparison to the realities faced by people who genuinely live in poverty.
- How does a society make decisions regarding the use of its resources?
- What products will be produced?
- How will they get produced?
- And who will get them once they are produced?
These are the basic questions that economists are concerned with, and they all relate to the scarcity of resources and to the choices that must be made because of the scarcity phenomenon.
Microeconomics is about particular markets and the buyers and sellers in those markets. The largeness or smallness of the product is not what distinguishes microeconomics from macroeconomics.
This online course is not about the nation's overall inflation rate or the nation's overall unemployment rate. Concerns such as those are macroeconomic in nature, since the national economy is a “large” unit of study, encompassing thousands of markets.
Objectives of this online course include:
- Understand what microeconomics is about and appreciate the “economic way of thinking.”
- Be able to apply microeconomic analysis to your broader academic interests, to your career, and to your everyday life in beneficial ways.
What is required to take this online course?
Mankiw, N. Gregory. Principles of Microeconomics. 4th ed. Mason, OH: Thomson/Southwestern, 2007. ISBN: 978-0-3-2431916-3.
How long will it take to complete the Principles of Microeconomics course?
You have 3 to 9 months from your enrollment date to complete:
- 15 Lessons
- 3 Proctored Exams
Assignments will include quizzes, practice problems and exams.
How will the Principles of Microeconomics course appear on my transcript?
You may enroll at any time and have 3-9 months to complete this online course. The college credits you earn will be recorded on your transcript in the semester you register.