Economics: How Consumers Take Buying Decisions

Learn basics of economics and understand the consumer decision making process
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  • Lectures 13
  • Length 1 hour
  • Skill Level All Levels
  • Languages English
  • Includes Lifetime access
    30 day money back guarantee!
    Available on iOS and Android
    Certificate of Completion
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About This Course

Published 12/2015 English

Course Description

Welcome to my course - Basics of microeconomics : Theory of Consumer Behavior.

In this course, you will understand the theory of how consumers make buying decisions.

There are two approaches to study Consumer's Equilibrium - Utility approach and Indifference curve approach.

In this course, we will discuss the following :
What is economics?
How different and related are microeconomics and macroeconomics?
Who is a consumer, are all human beings consumers?
How can we measure consumer satisfaction?
Which approach is more realistic - Utility approach or Indifference curve approach?
If a consumer is making buying decision then how is his income affecting his decisions?
How does a consumer reach equilibrium?

Some concepts that we will use while discussing the topics mentioned above -

Rational Consumer, Total Utility, Marginal Utility, Law of Diminishing Marginal Utility, Budget Set, Budget Line, Indifference Map and Indifference curve.

This course has 12 video lectures and 1 hour of content.

How will this course benefit you?

If you are an economics student - This will help you in gaining better clarity of concepts.

If you are someone who has a desire to learn economics - This course is the first step that you need to take to fulfill your desire, it starts from the scratch and assumes you have no knowledge of economics.

All that said, if you would like to discuss something while you are learning, please feel free to start a discussion or PM me.

Lets get started..!

What are the requirements?

  • A willingness to learn economics
  • This course starts from the basics and assumes you have no background in Economics

What am I going to get from this course?

  • Understand basics of microeconomics
  • Understand how consumers make buying decisions

Who is the target audience?

  • Students pursuing CS / Bachelor of Commerce / BA (Economics)
  • Complete beginner who has a desire to learn economics

What you get with this course?

Not for you? No problem.
30 day money back guarantee.

Forever yours.
Lifetime access.

Learn on the go.
Desktop, iOS and Android.

Get rewarded.
Certificate of completion.


Section 1: Introduction
Introduction to the course and the instructor
Introduction to Economics
Difference and relation between microeconomics and macroeconomics
Section 2: Consumer's Equilibrium - Utility Analysis
Some basics - Consumer, Rational Consumer and Equilibrium
Concept of Utility
Total Utility and Marginal Utility
Law of Diminishing Marginal Utility
Consumer's Equilibrium
Section 3: Consumer's Equilibrium - Indifference Curve Analysis
Introducton : Cardinal and Ordinal Concepts of Utility
Concept of Indifference set and Indifference curve
Properties of Indifference curve
Consumer's Budget : Budget set and Budget line
Consumer's Equilibrium

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Instructor Biography

Shubham Kalra, Founder at , M.A.Economics , Business Analyst

M.A. Economics, Business Analyst, Certified Financial Planner (CFP)

Shubham Kalra has a Masters in Economics from Delhi School of Economics and has worked as a Business Analyst in one of the largest banking and financial services organizations in the world.

He has done research projects in Education and Infrastructure Sector in India involving field work and analysis of data. He holds a diploma in Financial Planning and has good understanding of Risk Management concepts and Financial Instruments as well.

He loves teaching and has been teaching since his college days in  one way or another. It was in 2015, when he started teaching full time and is now teaching Economics and Statistics to many students online.His areas of specialization include Economics, Statistics, Finance and Game theory.

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