The average individual knows very little about economics and tends to believe whatever was seen or heard on television. However, we all contribute and are impacted by economic factors and need a basic understanding of how this works as economics becomes more and more pivotal to our survival.
With this course, our goal is to equip you with a working understanding of economics and its myriad of business and personal applications. As such, we have crafted an easy-to-understand course comprised of economic principle tenets while specifically highlighting such central ideas as:
· History and Various Forms of Economics
· Schools of Thought
· Ten Major Principles of Economics
· World Economic Systems and Comparative Economics
· Components in Societal Economy
· Basic Tenets of the U.S. Economic System
· Global Economies: Ranking National Economies
· Micro and Macro: Styles of Economics
· Federal Reserve System: aka 'The Fed'
· Managerial Economics
· Gross National Product (GNP) and Gross Domestic Product (GDP)
Regardless of whether you want to become more familiar with economics so that you can better budget your household expenditures or so that you can became the entrepreneur you have always dreamed, has the fundamentals to guide you without overtaxing your brain.
We have all read the headlines in the newspaper and heard them on the nightly news: "Economy Grows at a Sluggish Pace", "Senate Implements Economic Stimulus Plan", "Economic Worries Dent Tourism Numbers", or "Smart Planning is Critical to Economic Progress."
Yet, though we have seen the words in print or heard them being broadcast, do we really understand what, on a basic level, economics refers to or how the concept applies to our everyday lives?
In an attempt to help make sense of economics, what it does, how it works and, as a whole, the sizable role it plays in shaping a society's infrastructure, this course will attempt to take complex ideas and present them in comprehensible, nugget-size pieces of information.
When we speak of broad topics with far ranging ramifications, we do better discussing them in very general terms. If we begin to isolate specific examples, we run the risk of losing sight of the bigger picture.
This then is the case with the term economics. Covering a most expansive subject area, we begin with an all-encompassing definition from which we later extrapolate detailed themes and congruent ideas.
The purpose in studying economics leads to the formulation of principles. All of the following societal elements: history, politics, and the social sciences, cannot be fully grasped without first coming to a basic understanding of economic principles.
Classified as a social science, ‘economics' is concerned with the scientific laws of business administration and the formulation of principles related to the satisfaction of wants. From the Greek words oikos (house) and nomos (custom or law), the word ‘economics' translates to mean ‘rules of the household.' In the simplest sense, economics is a body of knowledge or study that looks at the ways in which society tries to solve the human problems of unlimited wants and limited resources.
Within the previous definition, the notion of wants and needs enters into the equation. Because of the pivotal role each plays, it is important to separate the two by identifying wants as those things not considered essential whereas needs are critical to continued survival. To discern the difference between the two, decisions with economic consequences must be made.
Scarcity of resources is another factor that often comes into the economics spectrum. When such items as fuel sources, designer or luxury merchandise, or livestock products become less plentiful, decisions regarding the introduction of alternative products or the rate increase of prices need to be weighed.
As a whole, when the problem of scarcity, or limited resources, is part of the dynamic, both manufactures and buyers alike are confronted with an array of issues.
Within this course, we will explore, from both a macro and microeconomic mentality, the factors that play a part in determining how and why economic-based decisions are made; metrics on which economic systems are evaluated, and the basic economic principles to employ as a business owner or person within the corporate sector.