BASIS ECONOMIC PRINCIPLES

Preeti Singh
Anandajit Goswami
Last Update January 10, 2022
1 already enrolled

About This Course

  1. This course will help students to gain knowledge of basic economic principles and evaluate the basic concept of modelling used in economics. Studying this course will help learners to identify various propositions of microeconomics and macroeconomics. Further, it will help enhance learners an insight into developing economic intuition and analytical skills in the near future.

The course is divided into three suits as follows:

Basic Principles of Economic Modelling-  it includes studying the value: scarcity and willingness to pay: water-diamond paradox, Issue of resource allocation and scarcity (what/how/whom to produce), choice tradeoffs (opportunity costs), basic economic agents and rational behaviour, adaptive and rational expectations, the concept of elasticity, Positive versus normative economics, micro versus macroeconomics

Basic Principles of Microeconomics- Household versus an individual as an economic agent, firm and industry as an economic agent, Concept of demand (willingness to pay) and supply (willingness to accept), change in quantity demand versus a change in demand, demand/supply curve versus schedule, individual to market demand/supply curves, demand-supply interaction: price determination in the market.

Basic Principles of Macroeconomics- Development of early macroeconomic thought (Mercantilism, Physiocrats, Classical and Keynesian), goals and instruments of macroeconomics (key macroeconomic variables), circular flow diagram (two-sector and three-sector closed economy, and four-sector open economy with respective macroeconomic identities, National income/output: basic concept (with boundaries/limitations) and measurement (production: final-output/ value-added approach, income approach and expenditure approach)

Curriculum

81 Lessons

Unit 1: Scope of economics

under this students will study the concept of value, scarcity and willingness to pay: water-diamond paradox. Issue of resource allocation and scarcity (what/how/whom to produce), choice tradeoffs (opportunity costs).
1: Scope of Economics and Concept of Value00:00:00
4: Quiz
3: Nature and Scope of economics00:00:00
4: Assignment

Unit 1: Positive versus normative economics, micro versus macroeconomics.

Students will understand the relationship between microeconomics and macroeconomics. Also, learn the positive and normative definition of economics

Unit 1: Issue of resource allocation and scarcity.

Unit 1: Choice tradeoffs (opportunity costs)

Choice tradeoffs (opportunity costs)

Unit 1: Basic economic agents and rational behavior; adaptive and rational expectations

Concept of demand (willingness to pay) and supply (willingness to accept)

unit 1: Marginal changes (concept of elasticity)

Change in quantity demand versus a change in demand

Unit 1: Identifying output/product and input/factor markets with a simple two-sector circular flow diagram

Unit 1: Modern economy (concept of market and its function- invisible hand theory)

Unit 1: Concept of efficiency and equity

Unit 1: Positive versus normative economics; micro versus macro economics

Development of early macroeconomic thought (Mercantilism, Physiocrats, Classical and Keynesian)

Unit 2: Constructing economic model, Variables and functions (linear versus non-linear functions)

Unit 2: Real versus nominal variables; Stock versus flow concept; Static versus dynamic analysis

Unit 2: Optimization and equilibrium, comparative statics, partial versus general equilibrium

Unit 3: Basic agents of microeconomics and their aims in neoclassical theory

Unit 3: Household versus individual as an economic agent, firm and industry as 3economic agent

Unit 3: Concept of demand (willingness to pay) and supply (willingness to accept)

Unit 3:Change in quantity demand versus change in demand

Unit 3: Demand/supply curve versus schedule; Individual to market demand/supply curves

Unit 3: Demand-supply interaction: price determination in market

Unit 3: Measuring elasticity- cross, income (with nature of commodities)

Unit 3: Measuring elasticity- Point and Arc elasticity

Unit 3 : Elasticity of linear downward sloping curve- short run versus long run analysis

Unit 4: Development of early macroeconomic thought (Mercantilism, Physiocrats, Classical and Keynesian)

Unit 4: Circular flow diagram (two-sector and three-sector closed economy, and four-sector open economy with respective macroeconomic identities)

Unit 4: National income/output: basic concept (with boundaries/limitations) and measurement (production: final-output/ value- added approach, income approach and expenditure approach)

1: Micro and Marco Economics

Your Instructors

Preeti Singh

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Anandajit Goswami

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Level
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Lectures
81 lectures
Subject
Language
English
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