Master Economics: From Beginner to Advanced

What you will learn:

Basic Economic Concepts and Principles
Understanding Goods and Services
Demand and Supply Analysis: Concepts, Laws, and Functions
Equilibrium of Demand and Supply
Elasticity Concepts: Price Elasticity of Demand and Supply
Income Elasticity and Cross-Elasticity
Time Value of Money: Present Value and Future Value Calculations
Profitability Analysis: Understanding the Profitability Index (PI)
Payback Period Calculation and Application
Internal Rate of Return (IRR) and its Use
Key Economic Indicators and Their Analysis
Depreciation and Depletion: Key Concepts and Comparison
Exploring Economic Thought: From Classics to Modern Perspectives
Ten Essential Principles of Economics
Production Analysis: Understanding Types of Production and Factors
Revenue, Profit, and Cost Analysis: Key Concepts and Applications
Business Structures: Sole Proprietorships, Partnerships, and Corporations
Understanding Franchising, Mergers, Joint Ventures, and Acquisitions
Linear Programming: Optimizing Economic Decisions

Description

Unlock the world of economics with this comprehensive course, designed for students, professionals, and entrepreneurs alike. Starting from the ground up, you'll gain a deep understanding of fundamental economic principles and advance to sophisticated concepts. Our engaging lectures break down complex topics into easily digestible modules, ensuring you grasp key ideas with confidence.

Discover the core concepts of demand and supply, explore elasticity, and delve into advanced topics like time value of money, profitability analysis, and depreciation. Learn about influential economic thinkers and grasp the 10 essential principles that drive the global economy.

This course will equip you with the knowledge and tools needed to make informed economic decisions, whether you're pursuing a career in finance, seeking to understand market trends, or simply curious about how the world works. Enroll today and embark on your journey to economic mastery!

Curriculum

Foundations of Economics

This section lays the groundwork for your economic understanding. You'll begin by defining economics and its key players, exploring different economic systems and the concept of goods and services. Dive into the relationship between economics and engineering, discovering their unique applications and how they intersect. You'll learn to differentiate between various types of goods and services, mastering the terminology and symbols used in economic analysis.

The Dynamics of Demand and Supply

This section explores the forces that drive market behavior. You'll delve into the concepts of demand and quantity demanded, understanding the law of demand and its functions, including factors that shift demand curves. Next, you'll learn about supply, its various types, and the factors influencing its changes. You'll uncover the law of supply and its application through practical examples. This section culminates in an analysis of the equilibrium of demand and supply, examining how shifts in either affect market outcomes, incorporating algebraic calculations to solidify your understanding.

Unveiling Elasticity

This section delves into the sensitivity of economic variables. You'll learn about elasticity, its representation, and how to calculate price elasticity of demand using real-world examples. You'll explore price elasticity of supply and its impact on market responsiveness. This section concludes by examining income elasticity, cross-elasticity, and their implications for economic decision-making.

Advanced Economic Concepts and Applications

This section dives into sophisticated economic concepts that are crucial for financial analysis and decision-making. You'll learn about the time value of money, present value, and future value, understanding how to calculate and interpret these concepts. You'll discover the profitability index, its application, and its use in evaluating investment opportunities. This section delves into payback periods and their significance, exploring how to calculate and utilize them. You'll gain a comprehensive understanding of net present value, including its acceptance rule, and learn to calculate and interpret it. You'll also explore the internal rate of return (IRR), its advantages, disadvantages, and how to apply it effectively. The section covers important economic indicators and their role in tracking economic performance, alongside a detailed discussion of environmental economics and engineering economics decisions.

Depreciation and Depletion: Understanding Asset Value

This section delves into the concepts of depreciation and depletion, key components of asset management. You'll learn about the factors that influence depreciation, including characteristics, needs, and causes. You'll explore various depreciation methods, comparing their effectiveness in different contexts. This section covers depletion, its connection to cost determination, and the distinction between depreciation and depletion.

Exploring Economic Thought: From Classics to Modern Perspectives

This section provides a historical perspective on economic thought. You'll delve into classical economic thinkers and their contributions to understanding economic principles. You'll explore non-classical perspectives and delve into Keynesian economics, exploring their impact on modern economic theory. This section examines the influential work of Gregory Mankiw, examining his 'Principles of Economics' and highlighting its 10 key principles.

Production Analysis: The Heart of Economic Activity

This section explores the core aspects of production in economics. You'll learn about different types of production and the factors that drive them. You'll explore the essential factors of production, including land, labor, capital, and entrepreneurship, and delve into the interrelationships between them. This section concludes by exploring the concept of economies of scale, understanding how efficient production is achieved through increasing output.

Revenue, Profit, and Cost Analysis: Understanding Business Operations

This section examines the crucial aspects of business finance. You'll explore the concepts of revenue, profit, and cost, understanding their interrelationships. You'll learn about different types of costs, including fixed, variable, and marginal costs, and how to calculate them. This section dives into cost formulas and their applications, exploring how to calculate total cost, average cost, and marginal cost. You'll also learn about economies of scale and their impact on cost efficiency, culminating in practical problem-solving exercises.

Businesses and Their Structures: Exploring Diverse Business Models

This section explores the diverse world of businesses. You'll learn about the different forms of business organization, including sole proprietorships, partnerships, corporations, franchises, mergers, joint ventures, and acquisitions. You'll gain insights into the advantages and disadvantages of each form, understanding their unique characteristics and legal implications.

Linear Programming in Economics: Optimizing Economic Decisions

This section introduces linear programming, a powerful tool for optimizing economic decisions. You'll learn how to apply this method to solve real-world problems, maximizing profits or minimizing costs under given constraints. This section provides a comprehensive overview of linear programming, equipping you with the skills to use this technique for strategic economic decision-making.