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Course Description

In this lesson, you will begin with a cornerstone of microeconomics: opportunity cost. You will examine its definition as well as applications and explore the hidden-cost fallacy, the fixed-cost fallacy, and the cost-benefit principle. You examine the effect of changing opportunity costs on human behavior, and you begin to explore some of the useful two-dimensional models that are extremely powerful when confronting complex problems in business or industry.

Benefits to the Learner

  • Define basic concepts of microeconomics: opportunity cost, hidden cost, and the cost-benefit principle
  • Examine the effect of changing opportunity costs on human behavior
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Type
self-paced (non-instructor led)
Dates
Oct 21, 2019 to Dec 31, 2030
Total Number of Hours
1.0
Course Fee(s)
Regular Price $0.00
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