This course will help you understand decisions that are made in the face of constraints, such as the everyday transactions you make in the marketplace. As a consumer, you must consider your overall income when making a purchase, but business managers must take into account the presence of competitors in the marketplace when deciding on the price to charge you for a product.
Course prerequisites and requirements
To be successful in this course, we recommend English language fluency and computer literacy. We also encourage you to make sure your laptop or desktop computer meets the technical requirements.
Knowledge of basic Excel functionality and MAT 117 College Algebra or MAT 142 College Mathematics are strongly suggested as prerequisites for success in this course.
Next start date:
Oct. 10, 2023
- Credits: 3
- Length: 8 weeks
- Cost: $25 + $400
What you’ll learn
- Explain how consumers decide what products to purchase and how much to purchase
- Explain how producers decide how much to produce, how many inputs to use and what price to charge for their products
- Describe how the interaction of consumers and producers in competitive markets generates the market price and the quantity consumed and produced
- Explain the concept of efficiency and describe how markets often lead to efficient outcomes
- Explain how market distortions occur and their impact on the welfare of producers and consumers
What to expect in class
Video and audio lectures, readings, interactive elements, homework assignments, quizzes, midterm exam, final exam, and content mastery exercises
Exams and grading
Content Mastery (13)
This course appears on your transcript identically to how it appears on the transcript of an enrolled ASU student who has taken the course on one of ASU’s campuses.
This course satisfies 3 credit hours toward the Social-Behavioral Sciences (SB) General Studies requirement at Arizona State University. It is strongly encouraged that you consult with your institution of choice to determine how these credits will be applied to their degree requirements prior to transferring your credit.