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Principles of Microeconomics

15 instructional weeks + finals week (Week 1–Week 16) Free sample edition

Built with The Course Maker · samples.thecoursemaker.com

This is a complete course: fifteen instructional weeks and a finals week, every student component, built with The Course Maker and ready to import. Weeks are relative (Week 1 to Week 16); you set the dates when you import it. Browse the whole thing below. Click any piece to read it in full, then click back to return here.

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Free sample edition. No instructor, institution, or term identity appears anywhere in this edition, by design. The syllabus carries fill-in slots (instructor name, contact, office hours, institution policies) for the adopting instructor to make it their own. (Original objectives written from the standard Principles of Microeconomics body of knowledge; not copied from any school's course outline.)
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This course is free, complete, and evergreen, and it is yours to keep; free downloads run through June 30, 2028. Students pay $0 for course materials: the readings and videos are links to freely available resources.

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Included in every course

  • ChapterRequired

    Required in every course. Every module presents the same content in three ways — a chapter to read, a slide deck with speaker notes, and captioned videos — so each student can choose how to take it in. The course is designed to reflect UDL's multiple means of representation, and the alignment report describes this to your curriculum committee.

  • Slide deck with speaker notesRequired

    Required in every course. Every module presents the same content in three ways — a slide deck with speaker notes, a chapter to read, and captioned videos — so each student can choose how to take it in. The course is designed to reflect UDL's multiple means of representation, and the alignment report describes this to your curriculum committee.

  • Captioned video linksRequired

    Required in every course. Every module presents the same content in three ways — captioned videos, a chapter to read, and a slide deck with speaker notes — so each student can choose how to take it in. The course is designed to reflect UDL's multiple means of representation, and the alignment report describes this to your curriculum committee. We link videos only when a caption track exists (from the creator or generated automatically), and we never host them.

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The syllabus

Policies, schedule, and grading

Read the full course syllabusPolicies, the week-by-week schedule, grading, and the bring-your-own-AI rules, with fill-in slots for the adopting instructor.→
Weighted gradebook

Assignment groups & weights

Configured in the export — the gradebook is set the moment the course is imported.

Assignment groupWeightNotes
Tutorials & Practice10%
Quizzes10%
Workshops20%
Assignments25%
Discussions15%
Exams20%
Total100%Letter Standard
Objectives & outcomes

What students will be able to do

Objective 1

Use the tools of economic modeling — scarcity, opportunity cost, the production possibilities frontier, comparative advantage, and the gains from trade — and distinguish positive statements (what is) from normative statements (what ought to be).

Objective 2

Explain how demand and supply determine a market's equilibrium price and quantity, and predict how a shift in demand or supply changes them.

Objective 3

Compute and interpret price, income, and cross-price elasticities of demand by the midpoint formula, and relate price elasticity to total revenue.

Objective 4

Measure consumer surplus, producer surplus, and market efficiency, and analyze price ceilings, price floors, taxes, and subsidies, including who bears a tax and the deadweight loss.

Objective 5

Describe a firm's short-run production and costs — total, marginal, and average product; diminishing marginal returns; and fixed, variable, total, average, and marginal cost — and distinguish accounting profit from economic profit.

Objective 6

Analyze perfect competition and monopoly with the profit-maximizing rules (P = MC for a price taker; MR = MC for a monopolist), the shutdown rule, long-run entry and exit, and the deadweight loss of market power.

Objective 7

Analyze monopolistic competition and oligopoly, including a two-player game, the prisoner's dilemma, and Nash equilibrium, and analyze labor markets as derived demand with the value-of-the-marginal-product hiring rule.

Objective 8

Analyze market failures — externalities, public goods, common resources, and asymmetric information — evaluate responses such as corrective taxes, cap-and-trade, and private bargaining, and survey behavioral economics and the measurement of inequality evenhandedly.

SLO A

Build, manipulate, and read microeconomic models — shift the right curve the right way and find the new equilibrium; compute an elasticity, a surplus, a cost, or a profit-maximizing output — and interpret the results in words.

SLO B

Apply economic reasoning to real-world choices and policies, distinguishing positive analysis from normative judgment and weighing competing arguments and evidence fairly.

How this course is built — read this first

Every teaching module carries the same set, in the order a student meets it: a Start Here overview, the chapter (the primary reading), the lecture (titled “Lecture: <module title>”), the slide deck with speaker notes, readings & resources (links only), the lecture tutorial and practice exercises worked with an AI tutor, the quiz, the discussion and the assignment, and the weekly Model Workshop. Exams: the midterm in Week 8 and the final in Week 16, a finals week with no module.

The discussion and the assignment each ship in both formats: the adaptive version is the published, graded item, and its traditional alternative (no AI) is a separate item that ships unpublished beside it. An instructor who prefers the traditional format publishes it and unpublishes or deletes the adaptive one.

What you see here is every student page. The instructor pack (answer keys and worked solutions, rubric calibration, image prompts, audio-brief scripts, and the alignment report) ships only in the download, never on this site.

Adaptive and traditional

Discussions & assignments: both formats in every module

Same learning objective either way; what changes is how the work happens.

Adaptive · published

Work it through with an approved chatbot

The student does the work in a guided conversation with an approved chatbot, using a copy-paste prompt the course provides. For a discussion, the AI is a Socratic partner that challenges their thinking and never writes the post. For an assignment, the AI is a coach: it asks questions, checks the reasoning shown, and waits for the student to revise. The student submits the chat link with the required summary or report.

Traditional alternative (no AI) · unpublished

The familiar way, one click away

The student does the work themselves and submits it, and the instructor grades it against the rubric. No AI required. It ships unpublished, opening with a one-line note to the instructor; publish it instead of the adaptive version if you prefer.

All 16 weeks

Every week, every component

Each week is a heading; every component under it links to the full student page. Week 8 is a teaching module that also carries the midterm bundle; Week 16 is the finals week, with the final exam bundle and no module.

01
Week 1

Scarcity, Opportunity Cost, the PPF & Economic Models

scarcity, choice, and opportunity cost as the value of the single best alternative given up, including time and forgone wagesthe production possibilities frontier: points on, inside, and outside it, the slope as opportunity cost, the bowed-out shape as rising opportunity cost, and an outward shift as growthhow economists model: simplifying assumptions, ceteris paribus, and microeconomics versus macroeconomicspositive versus normative statements, labelled in every claim
02
Week 2

Comparative Advantage, Specialization & the Gains from Trade

absolute versus comparative advantage, and the opportunity-cost table built one ratio at a timespecialization by comparative advantage, and why a producer better at everything still gains from tradethe terms of trade and the mutually beneficial range between the two opportunity coststhe gains from trade proven with a before-and-after table, and the case for and against freer trade, evenhandedly
03
Week 3

Demand

the law of demand, the demand schedule, and the demand curvea movement along demand (a change in quantity demanded) versus a shift of demand (a change in demand)the determinants of demand: income (normal and inferior goods), related goods (substitutes and complements), tastes, expectations, and the number of buyersmarket demand as the sum of individual buyers' quantities at each price
04
Week 4

Supply & Market Equilibrium

the law of supply, the supply curve, and the determinants of supplymarket equilibrium: solving Qd = Qs for P* and Q*, and reading shortages and surpluses off the schedulecomparative statics: which curve shifts, which way, and what happens to equilibrium price and quantitysimultaneous shifts of demand and supply, and which result cannot be signed without numbers
05
Week 5

Elasticity

price elasticity of demand by the midpoint formula; elastic, inelastic, and unit-elastic demandelasticity and total revenue, and why elasticity is not the slope of a straight-line demand curveincome elasticity (normal and inferior goods) and cross-price elasticity (substitutes and complements)what makes demand more or less elastic, and the price elasticity of supply in words
06
Week 6

Consumer & Producer Surplus & Market Efficiency

willingness to pay and willingness to sellconsumer surplus, producer surplus, and total surplus as areas on the supply-and-demand diagramallocative efficiency: why the competitive equilibrium maximizes total surplus in the modelefficiency versus equity, kept on the two sides of the positive/normative line
07
Week 7

Government Intervention: Price Controls, Taxes & Subsidies

price ceilings and price floors, binding and nonbinding, with shortages, surpluses, and deadweight lossthe minimum wage and rent control as applied cases, with the model's prediction and the empirical debate presented evenhandedlya per-unit tax: the buyer price, the seller price, tax revenue, economic incidence, and deadweight losssubsidies and their cost to taxpayers
08
Week 8 Midterm

Midterm Review & Exam

cumulative review of Weeks 1 to 7 organized by the one graph and the one calculation each topic asks for: the PPF, comparative advantage, the supply-and-demand model and its shifts, elasticity, surplus, and price controls and taxesthinking at the margin: the marginal-benefit and marginal-cost rule and why sunk costs do not count (light new material that bridges to the firm weeks)the midterm exam

The midterm exam bundle

09
Week 9

Production & Costs

the short run and the long run; total, marginal, and average productthe law of diminishing marginal returnsfixed, variable, and total cost; average fixed, average variable, and average total cost; and marginal cost, with marginal cost crossing the averages at their minimumsaccounting versus economic profit and implicit costs
10
Week 10

Perfect Competition

the price-taking firm, for which price equals marginal revenuethe output rule P = MC on the rising part of marginal cost, and profit or loss at a given pricethe short-run shutdown rule at the minimum of average variable costlong-run entry and exit, zero economic profit, and the break-even price at the minimum of average total cost
11
Week 11

Monopoly

barriers to entry and why a monopolist's marginal revenue is below its pricethe profit-maximizing rule MR = MC, with the price read from the demand curvethe deadweight loss of monopoly against the competitive outcome, and the Lerner index in wordsprice discrimination, natural monopoly, and antitrust, presented evenhandedly
12
Week 12

Monopolistic Competition & Oligopoly

product differentiation and the long-run zero-profit result in monopolistic competitionoligopoly: interdependence, cartels, and why collusion is unstable and illegalan introduction to game theory: the payoff matrix, dominant strategies, the prisoner's dilemma, and Nash equilibriumcomparing the four market structures
13
Week 13

Factor & Labor Markets

labor demand as a derived demandthe value of the marginal product of labor and the hiring rulewhat shifts labor demand and labor supplywage differentials: human capital, compensating differentials, and other forces, introduced
14
Week 14

Externalities, Public Goods & Market Failure

negative and positive externalities, and marginal social cost and benefitcorrective (Pigouvian) taxes and subsidies, cap-and-trade, and the Coase theorempublic goods, the free-rider problem, and common resourcesthe tragedy of the commons and community management of shared resources
15
Week 15

Asymmetric Information, Behavioral Economics & Inequality

adverse selection and moral hazard, with signaling and screeningbehavioral economics: bounded rationality, loss aversion, present bias, anchoring, and defaultsmeasuring inequality with the Lorenz curve and the Gini coefficient, a survey presented evenhandedlythe term's synthesis: when markets allocate well, when they fail, and how to weigh policy responses