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A massive open online course (MOOC) is typically a very large (hundreds or thousands of students), usually free, course that aims at large-scale interactive participation. In these courses, students often watch video lectures and submit assignments, quizzes and tests online. Assignments and tests may be graded electronically automatically or by peers in the class. This allows a professor to not have to attend to those things, which would be time consuming in such a large course.
Most free MOOCs are not for college credit. Often times students may receive a certificate upon successful completion. Some MOOCs offer college credit but usually require a fee. MOOCs have been touted by some as a way to expand access to high quality education.
There are several providers of MOOCs. See the box to the left for some examples. There are also some sites that attempt to serve as an index to MOOC courses so you don't have to search each provider separately (for example, CourseBuffet).
"Daphne Koller is enticing top universities to put their most intriguing courses online for free -- not just as a service, but as a way to research how people learn. With Coursera (cofounded by Andrew Ng), each keystroke, quiz, peer-to-peer discussion and self-graded assignment builds an unprecedented pool of data on how knowledge is processed."
-TEDTalks
"Salman Khan talks about how and why he created the remarkable Khan Academy, a carefully structured series of educational videos offering complete curricula in math and, now, other subjects. He shows the power of interactive exercises, and calls for teachers to consider flipping the traditional classroom script -- give students video lectures to watch at home, and do "homework" in the classroom with the teacher available to help."
-TEDTalks