Free online courseFundamentals of Economy

Duration of the online course: 1 hours and 53 minutes

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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.

Course Description

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.

Conteúdo do Curso

  • 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?

This free course includes:

1 hours and 53 minutes of online video course

Exercises to train your knowledge

Certificate of course completion

100% free, from content to certificate

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