Join the Fundamentals of Economy free course to explore key economic concepts, including the economic problem, types of goods, factors of production, and the paradox of value.
The course "Fundamentals of Economy" is an engaging and comprehensive introduction to the world of economics, tailor-made for beginners. Over the span of 1 hour and 53 minutes, students are walked through the essential concepts and theories that form the bedrock of economic understanding. Consistently earning an impeccable average rating of 5 stars, this course is trusted and praised by its learners for its clarity, depth, and engaging delivery.
Belonging to the Basic Studies category, under the subcategory of Economics, this course covers a wide range of topics designed to provide a solid foundation. The journey begins with the Fundamental Economic Problem, setting the stage for understanding the critical issues that economies face around the globe. Economics is introduced in a relatable and fun manner with the "Introduction to Economics (Fortnite Edition!)", ensuring that concepts are not only educational but also engaging.
Students will explore the various Types of Goods and delve into the 3 Basic Economic Questions. The course thoroughly examines the Four Factors of Production, supported by practical problem-solving exercises that help solidify the theoretical knowledge. An intriguing discussion on the Paradox of Value challenges learners to think critically about value assessment in economics.
Decision-making in economics is simplified with the PACED Decision Making Model, providing a structured approach to resolving economic decisions. The concept of the Circular Flow of Economic Activity is elucidated with detailed explanations and practice problems, aiding students in grasping the complexities of economic interactions.
The course also sheds light on the phenomenon of Brain Drain, discussing its causes and effects on global economies. A detailed examination of the Production Possibilities Frontier equips students with the tools to understand opportunity costs and efficient resource allocation.
Further enriching the learning experience are topics on Economic Site Factors, which explore the geographical and contextual elements influencing economic activities. The course concludes with a vital discussion on the Tragedy of the Commons, addressing the environmental and societal impacts of resource management.
Overall, "Fundamentals of Economy" is an exemplary starting point for anyone looking to understand the basic principles of economics. With its well-structured content, real-world examples, and practical exercises, this course ensures that students gain not just theoretical knowledge but a practical appreciation of economics in everyday life.
Video class: The Fundamental Economic Problem
0h06m
Exercise: What fundamental economic problem causes us to make trade-offs and understand the concept of opportunity cost?
Video class: Introduction to Economics (Fortnite Edition!)
0h14m
Exercise: Which concept is illustrated by the player having to decide where to land at the start of a game of Fortnite?
Video class: Types of Goods and the 3 Basic Economic Questions
0h05m
Exercise: Which of the following is not one of the three basic economic questions every society must answer?
Video class: Four Factors Of Production: Practice Problems Included!
0h05m
Exercise: Which of the following is NOT one of the four factors of production?
Video class: What is the Paradox of Value?
0h03m
Exercise: What is the paradox of value in economics?
Video class: PACED Decision Making Model
0h06m
Exercise: What does the 'P' in the PACE decision-making model stand for?
Video class: Circular Flow Of Economic Activity
0h07m
Exercise: In the circular flow of economic activity, what role do households play?
Video class: Practice Problems For The Circular Flow of Economic Activity
0h16m
Exercise: If the flow of goods and services is from businesses to households through the product market, how would the flow of wages and salaries from households to businesses through the factor market be represented?
Video class: Brain Drain: Causes, Effects
0h07m
Exercise: What is a potential consequence of brain drain for the original region that loses its skilled and intellectual labor?
Video class: Production Possibilities Frontier: Everything you need to know!
0h08m
Exercise: What does the Production Possibilities Frontier (PPF) chart illustrate?
Video class: The Economic
0h13m
Exercise: What is NOT an economic and social goal of the United States as discussed?
Video class: Site Factors
0h08m
Video class: The Tragedy of the Commons
0h10m
Exercise: What term describes a scenario where individuals using a common resource for their personal gain end up depleting or ruining that resource despite knowing that it is not in the long-term group interest?
1 hours and 53 minutes of online video course
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