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Economics

This course, provides higher education students an introduction to the fundamental concepts and principles in economics.

The course first explains the core concepts such as the fundamental economic problem—scarcity—and examines the spectrum of economic systems and the varying roles governments play in each.

In the microeconomics section, learners will dissect market mechanics through the study of demand and supply, elasticity, and consumer behavior, gaining a comprehensive view of market operation. They’ll also examine firm behavior, production, and costs to understand the backbone of economic activity.

Moving to market structures, the course reviews the efficiency of perfect competition against the challenges of monopoly and oligopoly, while addressing issues like market failures, public goods provision, and labor market dynamics, including income distribution.

In the section on macroeconomics, students will learn how to measure and interpret economic performance, navigating through GDP, inflation, and unemployment. The global perspective includes international trade, currency exchange, and balance of payments.

An integral focus is on macroeconomic policy, where students learn more about the pivotal roles and strategies of governments and central banks in shaping fiscal and monetary policies to foster economic stability and growth.

This course is designed to equip students with the analytical tools to understand and engage with the world economy, preparing them to navigate the complex economic landscapes of the 21st century.

Features

  • Theory, questions, and solutions in a module
  • Developed by industry professionals, ensuring relevance and practical application
  • Case based learning preparing students for exams and/or professional assignments
  • Adaptive question module, offering instant feedback on thousands of questions to accelerate the learning experience
  • Customized learning journey aligned to your course’s learning objectives

Overview of contents

Introduction to Economics

This section provides the essence of economics through fundamental concepts and definitions, contemplating the universal economic problem of scarcity and the necessity of choice. We explore the variety of economic systems and the government's role, providing a contextual backdrop for understanding economic decision-making.

Microeconomic Foundations

Students are introduced to the dynamics of demand and supply, uncovering the intricacies of market equilibrium and how prices steer consumer responsiveness—an area known as elasticity. The curriculum delves into the decision-making processes of consumers, aiming to satisfy their utility, and of firms, which face various production and cost challenges.

Market Structures and the Role of the Government

Here, the spotlight is on the spectrum of market structures, ranging from perfect competition to monopoly and oligopoly, and how they impact market efficiency. The course also covers market failures, such as externalities and public goods, and the consequential role of government intervention, as well as labor markets and the distribution of income.

Macroeconomic Fundamentals

This segment addresses the measurement and significance of economic performance indicators like GDP, growth rates, and business cycles, alongside the complex topics of unemployment and inflation. It also extends to the global arena, covering topics such as international trade and finance, including exchange rates and balance of payments.

Macroeconomic Policy

The section shifts to the strategies behind fiscal and monetary policies, covering the impact of government spending, taxation, and the regulatory function of central banks.

Contemporary Economic Perspectives

Concluding the course, we navigate through contemporary topics such as globalization, economic policies, and the pressing concerns of sustainability and environmental economics.
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