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FreePrinciples of Microeconomics
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This MIT course introduces microeconomics as a way of analysing choices. It starts with supply and demand, then moves into how firms and individuals behave, how competition and monopoly shape markets, and how welfare economics evaluates outcomes.
Students also see microeconomic tools applied to current policy questions throughout the semester. That focus on applications helps the abstract models feel relevant to decisions made in the real world.
Undergraduates or self-learners who want the core toolkit of economics before taking more specialised courses. The independent-study format means the lectures, reading and problem sets can be followed without a classroom.
_14.01 Principles of Microeconomics_ is an introductory undergraduate course that teaches the fundamentals of microeconomics. This course introduces microeconomic concepts and analysis, supply and demand analysis, theories of the firm and individual behavior, competition and monopoly, and welfare economics. Students will also be introduced to the use of microeconomic applications to address problems in current economic policy throughout the semester.
This course is a core subject in MIT's undergraduate {{% resource_link "65984597-5bfe-41fb-8d18-0ed323b73867" "Energy Studies Minor" %}}. This Institute-wide program complements the deep expertise obtained in any major with a broad understanding of the interlinked realms of science, technology, and social sciences as they relate to energy and associated environmental challenges.
Course Format
This course has been designed for independent study. It includes all of the materials you will need to understand the concepts covered in this subject. The materials in this course include:
- A complete set of **Lecture Videos** by Prof. Jon Gruber.
- **Reading Assignments** in your choice of two textbooks – one of which is a free online edition - as preparation for the lectures.
- Multiple-choice **Quizzes** to assess your understanding of the key concepts in each session.
- **Problem Sets** with solution keys to test your ability to apply to concepts covered in lecture, and **Problem Solving Videos** to provide step-by-step instruction through several problem set solutions.
- A collection of links **For Further Study** to provide supplemental online content.
- A full set of **Exams**, including review material and practice exams to help you prepare.
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