An understanding of all fluid dynamic time scales is needed to fully understand and hence exploit the capabilities of fluid flow in microfluidic systems. We propose the use of harmonically oscillating microfluidics as an analytical tool for the deduction of these time scales. Furthermore, we suggest the use of system-level equivalent circuit theory as an adequate theory of the behavior of the system. A novel pressure source capable of operation in the desired frequency range is presented for this generic analysis. As a proof of concept, we study the fairly complex system of water-filled interconnected elastic microfluidic tubes containing a large, trapped air bubble and driven by a pulsatile pressure difference. We demonstrate good agreement between the system-level model and the experimental results, allowing us to determine the dynamic time scales of the system. However, the generic analysis can be applied to all microfluidic systems, both ac and dc.