Basic arithmetic and comfort interpreting a graph are useful. Follow the assumptions of each model rather than treating every simplified example as a real-world prediction.
About this course
Consumer choice connects preferences with a limited budget. This compact course studies marginal utility, spending allocation, budget lines and indifference curves as related ways to describe a choice. Study the complete public source playlist from Khan Academy in English, with all 6 recordings available in the on-site classroom. Lessons retain their original titles and source order, including worked examples, introductions and repeated entries.
Course at a glance
| Provider / Teaching team | Khan Academy |
|---|---|
| Platform | YouTube · Khan Academy |
| Access | Free Video |
| Level | Beginner |
| Language | English |
| Videos | 6 |
| Video duration | 56m · allow extra time for practice |
| Format | Self-paced recorded training |
| Certificate | Not included with video viewing |
What you’ll learn
- Interpret marginal utility and utility per dollar.
- Represent affordability with a budget line.
- Compare bundles using indifference curves.
- Connect spending adjustments with consumer demand.
Skills you’ll gain
- Consumer choice
- Marginal utility
- Budget constraints
- Indifference curves
Course Overview
The marginal-utility lessons examine the additional satisfaction associated with another unit and compare that benefit per unit of spending. Adjusting spending across goods provides an explanation of why a chosen bundle may change when prices or available resources change. Budget lines make the affordability constraint visible, while indifference curves represent bundles treated as equally preferred within the model. The optimal-point lesson connects the preference representation with the constraint. Demand is then related to adjustments in marginal utility per dollar. The source is a focused consumer-choice curriculum rather than a survey of all microeconomics. Keep the assumptions about preferences and divisibility of goods in view, and distinguish a feasible bundle from one selected as optimal under those assumptions.
How to study the course
- Videos 1–1: this part of the source list includes “Deriving demand curve from tweaking marginal utility per dollar” through “Deriving demand curve from tweaking marginal utility per dollar”. List the assumptions of the model. Keep a brief working note, revisit an unclear explanation and test one example before moving to another part of the material.
- Videos 2–3: this part of the source list includes “Equalizing Marginal Utility per Dollar Spent” through “Marginal Utility”. Identify the participants and incentives. Keep a brief working note, revisit an unclear explanation and test one example before moving to another part of the material.
- Videos 4–4: this part of the source list includes “Budget Line” through “Budget Line”. Compare outcomes after one defined change. Keep a brief working note, revisit an unclear explanation and test one example before moving to another part of the material.
- Videos 5–6: this part of the source list includes “Types of indifference curves” through “Optimal point on budget line”. Explain a mechanism before making a conclusion. Keep a brief working note, revisit an unclear explanation and test one example before moving to another part of the material.
Who is this for?
This course suits students and interested readers studying the named economic concepts. It also provides a recorded reference for revisiting a topic after an earlier lesson or study attempt. Choose examples appropriate to your background and allow time to work through the method instead of judging understanding only by how familiar the terminology sounds.
Before you start
Basic arithmetic and comfort interpreting a graph are useful. Follow the assumptions of each model rather than treating every simplified example as a real-world prediction.
Put the lessons into practice
Set a fictional budget and prices for two goods, then draw the budget line and list several affordable bundles. Use a simple marginal-utility table to compare possible reallocations of spending. Explain how a price change affects both affordability and the utility-per-dollar comparison. State the assumptions that make your chosen bundle optimal in the example.
This optional study activity is provided by WikiFree for independent practice. Keep your working notes and use the relevant classroom recording to check a step, definition or interpretation. It is not an instructor-marked assignment.
Certificate / Assessment
Watching the public videos and using WikiFree completion tracking does not award a certificate, academic credit, an examination voucher or instructor assessment. Use your practice output to review what you can explain and repeat independently. The recorded lessons provide study material; completion tracking records your progress through that material.
Related courses for your next step
- Compare another approachFree MIT Course: Microeconomics: Markets, Competition and Consumer Choice
Focus: Lec 1: Introduction to Principles of Microeconomics and Supply & Demand · Lec 4: Demand Curves and Income/Substitution Effects
Beginner - Compare another approachMicroeconomics Fundamentals: Free Course
Focus: Opportunity cost · Economic models
Beginner - Compare another approachProduction and Costs: Free Course
Focus: Cost analysis · Marginal cost
Beginner
Compare course focus, level and study time
| Course | Level | Focus | Study time |
|---|---|---|---|
| This course — Consumer Choice Theory: Free Course | Beginner | Consumer choice · Marginal utility · Budget constraints | 56m of video; practice time is additional |
| Free MIT Course: Microeconomics: Markets, Competition and Consumer Choice | Beginner | Lec 1: Introduction to Principles of Microeconomics and Supply & Demand · Lec 4: Demand Curves and Income/Substitution Effects · Lec 9: Supply and Demand & Consumer/Producer Surplus | 20h 26m of video; practice time is additional |
| Microeconomics Fundamentals: Free Course | Beginner | Opportunity cost · Economic models · Marginal reasoning | 1h 3m of video; practice time is additional |
| Production and Costs: Free Course | Beginner | Cost analysis · Marginal cost · Marginal revenue | 49m of video; practice time is additional |
Frequently asked questions
Is this course free to watch?
Yes. The public source videos are available in the WikiFree classroom. Video viewing does not include separately priced tools, hardware, memberships or a credential.
How long does the course take?
The 6 source video occurrences total approximately 56m. Allow additional time for pausing, notes, practice and revisiting an explanation.
What background do I need?
Basic arithmetic and comfort interpreting a graph are useful. Follow the assumptions of each model rather than treating every simplified example as a real-world prediction.
Does completing the videos award a certificate?
No. Video viewing and WikiFree progress tracking do not award a certificate, academic credit or an exam voucher.
Can I study on a phone?
Yes. The classroom supports a responsive player and searchable lesson list. A larger screen or a suitable practice environment can help with detailed calculations, diagrams and software examples.
Provider: Khan Academy. Videos play from the Khan Academy channel on YouTube.
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