Overview

Welcome to this course on Basics of Economics- Demand, Supply and Price Elasticity

We will discuss the following topics in this course :

What is Demand?
Do you demand less when the price of a commodity rises.? Yes..? Think again..!
Is your Demand only a function of the price?
What is supply?
What affects the supply of a good in the market?
We, as buyers, want to pay as low a price as possible; sellers, on the other hand, want to charge as high a price as possible, seems like there are opposite interests here, then who gets to decide the price?
How does this price mechanism function?
What is Price Elasticity of Demand?
How much product pricing power do you have?
How to calculate Elasticity?
What is Price Elasticity of Supply?
What affects Price Elasticity of Supply?

This course is not only for the students of Economics but for anyone who has an interest in understanding these powerful mechanisms.

It is a beginner level course and all the topics and concepts start from scratch, so even if you are not familiar with Economics, you may take this as your first step to understand this powerful subject.

What are the requirements?

No prior knowledge of Economics is required.

What are you going to get from this course?

Understand how the price of a product is determined via Demand and Supply interactions
Learn how factors like income of consumer, fashion, demographic structure, business location etc can affect the product's sales
Analyze demand and supply with greater precision
Understand the importance of elasticity as a measure of responsiveness
Start talking basic economics in real life
Feel more confident to go for further concepts

Who should take this course?

Economics students, who would like to brush-up these concepts or were not taught these concepts in a detailed manner earlier
Students from Non-Economics Background, who would like to learn the basics of microeconomics in a simple and intuitive manner
Consultants, who would like to understand how the market place works so that they could understand the thinking process of the consumers and develop better solutions for their problems
Marketers and Sales people, who would like to understand the market demand and want to make better decisions

Let's get started!