Free online courseIntro to Economics
Duration of the online course: 3 hours and 46 minutes
5
(1)
Discover the basics of economics with Khan Academy's free online course. Learn about supply and demand, scarcity, production factors, comparative advantage, and market equilibrium.
Course Description
Are you curious about the foundational concepts of economics? Look no further than the "Intro to Economics" course. This comprehensive course is perfect for beginners and anyone looking to solidify their understanding of basic economic principles. With a duration of 3 hours and 46 minutes, this course packs a wealth of knowledge into a concise, easy-to-follow format. Although it has yet to be reviewed, its thorough content and clear explanations make it an invaluable learning resource.
The course kicks off with an engaging trailer providing a sneak peek into what’s in store. Next, it dives into the fundamentals of economics, introducing you to key concepts like supply, demand, and market equilibrium. Through these introductory sessions, you'll learn how markets operate and the critical role that supply and demand play in economic decision-making.
From there, the course addresses the concept of scarcity and the four essential factors of production that form the backbone of any economy. This section will give you a deeper understanding of the fundamental economic problem that all societies face: limited resources versus unlimited wants.
A subsequent module explores normative and positive statements, helping you distinguish between subjective opinions and objective economic facts. Following this, you'll be introduced to various economic models, essential tools for analyzing and predicting economic behavior and trends.
The exploration of economic systems, such as command and market economies, provides a comparative analysis of how different societies manage resources and production. The course then moves on to an insightful examination of the Production Possibilities Curve (PPC), a model used to illustrate the trade-offs and opportunity costs that economies face.
Understanding opportunity cost and comparative advantage is crucial for grasping why countries engage in trade. Topics such as increasing opportunity costs, specialization, and the gains from trade are discussed in this section. You'll also learn about absolute advantage, and how different production schemes affect national and international economic interactions.
The intricate dynamics of supply and demand come into focus as the course examines the law of demand, the influence of related product prices, and changes in expected future prices. You'll gain clarity on the distinctions between normal and inferior goods, as well as changes in demand versus changes in quantity demanded.
On the supply side, you’ll delve into the law of supply and factors that influence it. This segment highlights how shifts in supply and quantity supplied impact market equilibrium. Finally, the course wraps up by addressing how changes in market equilibrium are triggered by shifts in supply and demand, as well as variations in income, population, or consumer preferences.
This "Intro to Economics" course brilliantly encapsulates the foundational principles of economics, providing a robust platform for further study or simply a better understanding of the world around you. Whether you are a student, a professional, or just an inquisitive mind, this course offers valuable insights into how economic forces shape our daily lives and global interactions.
Conteúdo do Curso
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Video class: Intro to Economics - Course Trailer
0h02m
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Exercise: What economic concept refers to the need to make choices due to the limited availability of resources?
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Video class: Introduction to economics | Supply, demand, and market equilibrium | Economics | Khan Academy
0h09m
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Video class: Scarcity | Basic economics concepts | Economics | Khan Academy
0h05m
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Exercise: Which of the following is an example of a scarce resource?
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Video class: Four factors of production | AP Microeconomics | Khan Academy
0h06m
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Video class: Scarcity and rivalry | Basic Economic Concepts | Microeconomics | Khan Academy
0h06m
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Exercise: In economic terms, what makes a good a 'rival' good?
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Video class: Normative and positive statements | Basic economics concepts | AP Macroeconomics | Khan Academy
0h05m
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Video class: Economic models | Basic economics concepts | AP Macroeconomics and Microeconomics | Khan Academy
0h06m
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Exercise: In economics, why are models with simplifying assumptions used?
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Video class: Command and market economies | Basic economics concepts | AP Macroeconomics | Khan Academy
0h09m
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Video class: Production possibilities frontier | Microeconomics | Khan Academy
0h10m
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Exercise: In the context of the hunter-gatherer scenario described, what is the concept of 'ceteris paribus' used to illustrate?
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Video class: Opportunity Cost
0h05m
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Video class: Increasing opportunity cost | Microeconomics | Khan Academy
0h06m
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Exercise: In economics, what does the concept of increasing opportunity cost demonstrate when choosing between two production options?
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Video class: PPCs for increasing, decreasing and constant opportunity cost | AP Macroeconomics | Khan Academy
0h05m
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Video class: Production Possibilities Curve as a model of a country's economy | AP Macroeconomics | Khan Academy
0h06m
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Exercise: Based on the concept of production possibilities curve (PPC) in economics, which of the following best represents the idea conveyed by the PPC for Utenslandia?
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Video class: Comparative advantage specialization and gains from trade | Microeconomics | Khan Academy
0h08m
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Video class: Comparative advantage and absolute advantage | Microeconomics | Khan Academy
0h10m
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Exercise: In the context of international trade, what does having a 'comparative advantage' in producing a good imply for a country?
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Video class: Opportunity cost and comparative advantage using an output table | AP Macroeconomics | Khan Academy
0h09m
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Video class: Terms of Trade and the Gains from Trade | AP Macroeconomics | Khan Academy
0h09m
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Exercise: In the given economic model, what should Country A focus its production on according to the theory of comparative advantage?
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Video class: Input approach to determining comparative advantage | AP Macroeconomics | Khan Academy
0h08m
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Video class: When there aren't gains from trade | Basic economics concepts | AP Macroeconomics | Khan Academy
0h06m
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Exercise: In the simplified economic model described in the text, what is the reason why there would be no gains from trade between Country A and Country B?
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Video class: Law of demand | Supply, demand, and market equilibrium | Microeconomics | Khan Academy
0h08m
This free course includes:
3 hours and 46 minutes of online video course
Exercises to train your knowledge
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