Free online courseIntro to Economics

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.