Online Class: Economics 101


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  • 11
    Lessons
  • 23
    Exams &
    Assignments
  • 17
    Hours
    average time
  • 1.7
    CEUs
  • 1,556
    Students
    have taken this course
 
 
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Course Description

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."

Although we have seen the words in print or heard them being broadcasted, 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, and 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 will later extrapolate to detailed themes and congruent ideas.

The purpose in studying economics leads to the formulation of principles. All of the following social elements: history, politics, and the social sciences, cannot be fully grasped without first coming to a basic understanding of economic principles.

Wants and Needs versus Scarcity 

In the previous definition, the notion of wants and needs enters into the equation. Due to the pivotal role each plays, it is important to separate the two by identifying wants as those thingsnot 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 items such as fuel sources, designer or luxury merchandise, or livestock products become less plentiful, decisions regarding the introduction of alternative products or the rate at which to increase prices need to be weighed.

As a whole, when the problem of scarcity, or limited resources, is part of the dynamics, then both manufacturers and buyers alike are confronted with an array of issues.

In subsequent lessons, 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 as a person within the corporate sector. For the meantime, however, we will provide an overview of the term and its usage in the Twenty-First Century.

Economics: Brief History

 
Economics first came to be recognized as an independent discipline about the third century BC (384 BC - 322 BC). It was then that Aristotle explored the idea of accumulation and acquisition of wealth and land whether the latter was privately or publicly owned. Over time, schools of thought on economics shifted from that of Feudalism (Middle Ages) to Mercantilism (Renaissance period). The theory to which we ascribe today came into prominence during the Industrial era. This is on account of the growing emergence of technological developments, global expansion, and consumer fueled interest in material goods and exclusive products. 

Economics: Real World Applications

Economics takes into consideration the broader picture from demographics to market trends and involves more than finances or monetary worth. 

As a whole, principles of economics can be applied to all facets of life, from consumerism to politics. While classified as a social science, many argue that because it is difficult for economists to perform formalized experiments, establish hypotheses, or make predictions, economics does not qualify as an exact science. Unique in that sense, economics is plagued with practical and moral ambiguities that result in unpredictable outcomes based upon human behavior.

To gain a better understanding of the workings and connections between financial systems and markets, individuals study the principles of economics not only in school but also in business or in academic environments.

Due to constant changes and sweeping evolutionary arcs, economics certainly does make for a challenging subject to study. Based not only upon theoretical ideas, but also on multifaceted systems, using the principles is not always easy when considering real world applications of economics.

For students and people pursuing vocational options, there exists a plenitude of areas in which the principles of economics may be applied.  From consumerism to technology, the impact of economics has a sweeping effect that can be felt across all industries and sectors of life.
 
Economics: Subdivisions
 

To gain a sense of the widespread use of economics, we provide a sampling of various subdivisions of economics that currently exist:  

·      Globalization. Also referred to as global economies, this is the process by which the people of the world become unified within one concentric system. It is often applied to practices that are brought from one culture and then applied on a broader, international scale. Aside from economics, the ideas of sociocultural, technological, and political forces also contribute to the concept of globalization.

·      Macroeconomic. This is the study of the overall system of economics.

·      Microeconomics. This is the study of how one component of the overall system affects a particular business or other parts of the system.

·      Market Economy. This is a system where all facets of the supply and demand process, such as, production, distribution, and exchange are carried out by private companies.
·      Political Economy. Differing from the previous definition for market economy, political economies are guided by market forces which, in turn, are set by public policies.

·      Socioeconomics. Study of the relationship that exists between economic activity and real life interactions. Due to the emergence of theories and methods from sociology, economics, history, and psychology, socioeconomics is considered to be a multidisciplinary field.

·      Urban economics. Considered to be a growing field, urban economics concentrates on the crossover areas between real estate or land use and legal tender. Going beyond the simple ideas of land placement and utilities, urban economics takes into account such city issues as crime, education, public transit, housing, and local government finance.

From banking and healthcare to government and civil service, a wide range of job opportunities exist in the field of economics. Examples include financial analysts, budget controllers, public policy administrators, market research facilitators, statisticians, and econometricians. 

In short, Economics encapsulates a vast body of information. It is not always an easy subject to pare down into comprehensible components. In some ways, economics is actually relatively simple, dealing with revenue streams and the viability of markets and nations. However, in other areas the likes of market forces, recessions, and inflation, economics becomes extremely layered and based on the situations at hand.

Further complicating matters are an unending number of variables. For example, unemployment rates, monetary values, and interest rates involved within the economic structure.

In light of the labyrinth of data and possible scenarios, economists tend to speak in beliefs and forecasting terms as opposed to making statements in concrete terms.

Yet, if one was to boil down the whole concept of economics into a simple idea or phrase, "money makes the world go round" could be used as one way of simply explaining economics.


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  • Printable Lessons
  • Full HD Video
  • 6 Months to Complete
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  • Accredited CEUs
Universal Class is an IACET Accredited Provider
 
 

Course Lessons

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Lesson 1: Definition, History and Various Forms of Economics

The purpose in studying economics leads to the formulation of principles. The following societal elements: history, politics, and the social sciences, cannot be fully grasped without first coming to some basic understanding of economic principles. 48 Total Points
  • Lesson 1 Video
  • Take Poll: Study of Economics
  • Complete: Lesson 1, Assignment 1
  • Complete: Lesson I Quiz

Lesson 2: Schools of Thought

Since its infancy, the complex study of economics has attracted more than its fair share of viewpoints and opinion makers. 39 Total Points
  • Lesson 2 Video
  • Take Poll: Impact!
  • Complete: Lesson 2, Assignment 1
  • Complete: Lesson 2 Quiz

Lesson 3: Ten Major Principles of Economics

Mankiw's objective with his work, "Principles of Economics" was to present readers with a basic framework of how economics works and fundamental structures for analyzing economic systems presently in place. 38 Total Points
  • Lesson 3 Video
  • Complete: Lesson 3, Assignment 1
  • Complete: Lesson 3 Quiz

Lesson 4: World Economic Systems and Comparative Economics

This lesson will focus on different types of economic systems that exist throughout the world; the degree to which they effectively serve their respective environments and the ways in which they complement or clash with one another. 49 Total Points
  • Lesson 4 Video
  • Complete: Lesson 4, Assignment 1
  • Complete: Lesson 4 Quiz

Lesson 5: Components in Societal Economy

One of the purposes behind the science of economics is to present a structure by which a society's economy may be compared or contrasted against those of other societies. 27 Total Points
  • Lesson 5 Video
  • Complete: Lesson 5, Assignment 1
  • Complete: Lesson 5 Quiz

Lesson 6: Basic Tenets of the U.S. Economic System

The strengths of the U.S. economic system depends on natural resources, labor, and capital. 29 Total Points
  • Lesson 6 Video
  • Complete: Lesson 6, Assignment 1
  • Complete: Lesson 6 Quiz

Lesson 7: Global Economies: Ranking National Economies

While the U.S. was formerly viewed to be the sole super economic power, over the past decade, it has declined in many financial and economic areas. 48 Total Points
  • Lesson 7 Video
  • Complete: Lesson 7, Assignment 1
  • Complete: Lesson 7 Quiz

Lesson 8: Micro and Macro: Styles of Economics

Interweaving many of the previously discussed elements relating to economics, the concepts of macroeconomics and microeconomics are useful tools for comparing and contrasting economic activity among world nations. 28 Total Points
  • Lesson 8 Video
  • Complete: Lesson 8, Assignment 1
  • Complete: Lesson 8 Quiz

Lesson 9: Federal Reserve System: aka "The Fed"

By order of Congress, the Federal Reserve System was introduced as part of the Federal Reserve Act of 1913. 40 Total Points
  • Lesson 9 Video
  • Take Poll: Money, Money, Money
  • Complete: Lesson 9, Assignment 1
  • Complete: Lesson 9 Quiz

Lesson 10: Managerial Economics

As a category, economic activities occurring within corporate structures are known either as managerial economics or business economics. 27 Total Points
  • Lesson 10 Video
  • Complete: Lesson 10, Assignment 1
  • Complete: Lesson 10 Quiz

Lesson 11: Gross National Product (GNP) and Gross Domestic Product (GDP)

Both GNP and GDP are used to facilitate the economic policy making process performed by government, and to contribute to the planning and strategy sessions conducted by corporate executives. 498 Total Points
  • Lesson 11 Video
  • Take Poll: How would you rate this course?
  • Take Survey: Program Evaluation Follow-up Survey (End of Course)
  • Complete: Lesson 11, Assignment 1
  • Complete: Lesson 11 Quiz
  • Complete: The Final Exam
871
Total Course Points
 

Learning Outcomes

By successfully completing this course, students will be able to:
  • Define economics.
  • Know the history of economics.
  • Describe the ten major principles of economics.
  • Describe the components in Societal Economy.
  • Know Global Economies.
  • Compare and contrast Micro and Macro Economics.
  • Describe the Federal Reserve System.
  • Define the Gross National Product (GNP) and Gross Domestic Product (GDP), and
  • Demonstrate mastery of lesson content at levels of 70% or higher.
 

Additional Course Information

Online CEU Certificate
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Document Your CEUs on Your Resume
 
Course Title: Economics 101
Course Number: 7550314
Languages: English - United States, Canada and other English speaking countries
Category:
Course Type: General Education (Self-Paced, Online Class)
CEU Value: 1.7 IACET CEUs (Continuing Education Units)
CE Accreditation: Universal Class, Inc. has been accredited as an Authorized Provider by the International Association for Continuing Education and Training (IACET).
Grading Policy: Earn a final grade of 70% or higher to receive an online/downloadable CEU Certification documenting CEUs earned.
Assessment Method: Lesson assignments and review exams
Instructor: Dr. Metodija Stojanovski
Syllabus: View Syllabus
Duration: Continuous: Enroll anytime!
Course Fee: $70.00 (no CEU Certification) || with Online CEU Certification: $95.00

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Student Testimonials

  • "Great overview of economics. I learned a lot. What an amazing instructor. His classes are well written and teach a lot and he grades fast." -- Sarah K.
  • "A very good course indeed. The instructor is an expert who is kind enough to make the course easier to learn. Thank you.. For me, all parts are equally helpful. I consider each topic as integral part to the whole course." -- Geraldito G.
  • "Concise and efficient! Cordial and excellent arrangement of subject matter to build learning from simple to complex ideas. Enjoyed taking his courses. Would have like to be a student of his in a real life class. The videos were excellent focus material!" -- Yolanda R.
  • "Everything was helpful. Instructor was great! Thanks!" -- Marcus M.
  • "I enjoyed the course and the ability to go at my own pace. I particularly liked the recommended links and the reference to the self teaching guide. I thought these were very helpful and an added benefit." -- Pamela R.
  • "All of the lessons were extremely helpful...I have enjoyed the whole ides of being able to take these courses from my home." -- Manuel H G.

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