Online Class: Economics 101

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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,this course will give you the fundamentals to guide you without overtaxing your brain.


Course Requirements

This course will not require you to have previous experience in any particular area but you should have a high school reading level. No books will be required.

Course Topics


I. Economics: Definition, History and Various Forms


  1. Classification and Definition
  2. Wants, Needs and Scarcity
  3. Economics: Brief History
  4. Economics: Real World Applications
  5. Economics: Subdivisions,
  6. Summation


II. Schools of Thought

  1. Introduction
  2. Aristotle
  3. Mercantilists
  4. Classical Economics
  5. John Stuart Mill"Neoclassical Economics
  6. Marxism
  7. Post Neo-Classical
  8. Post-Keynesian,

III. Ten Major Principles of Economics

  1. Introduction: Gregory Mankiw
  2. Overview: Mankiw’ Principles of Economics
  3. Mankiw’s Objective
  4. Principles of Economics: Complementary Themes
  5. Summation: Mankiw and His Principles


IV. World Economic Systems and Comparative Economics

Introduction: Economic Systems

  1. Economic Systems: Up Close and Detailed
  2. Supplementary Systems
  3. Glossary: Economic System Terms
  4. Summation: Economic Systems


V. Components in Societal Economies

  1. Introduction: Societal Frameworks
  2. Developing Nations
  3. Gross National Income
  4. Determining Economic Status
  5. Summation: Determinants of Economic Well-being


VI. Basic Tenets of the US Economic System

  1. Introduction: US Economy
  2. US Economy: Classification
  3. Strengths of US Economy: natural resources, labor and capital
  4. Summation: Recapping the Economic System


VII. Ranking nations’ Economies and How the US Matches Up

  1. Overview: Global Economies
  2. Measurement Indicators
  3. Major Indicators and Formulas
  4. World View
  5. Summation: Global Economies


VIII. Micro & Macro: Styles of Economics

  1. Overview: Micro & Macroeconomics
  2. Definitions: Micro & Macroeconomics
  3. Ownership Chart: Micro & Macroeconomics
  4. Similarities: Micro & Macroeconomics
  5. Summation: Micro & Macroeconomics


IX. Federal Reserve System

  1. Overview: Federal Reserve
  2. Structure: Federal Reserve
  3. Monetary Policy and Three Tools
  4. Open Market
  5. Decision-Making within the Fed
  6. Changing of the Guard at the Fed

X. Managerial Economics—competition, cost, pricing and volume

  1. Internal and External Corporate Concerns
  2. Managerial Economics: Applying the Principles
  3. Employment of Managerial Economic Concepts
  4. Summation: Managerial Economics

XI. Gross National Product (GNP) and Gross Domestic Product (GDP)1

  1. Introduction: GNP and GDP
  2. GNP and GDP Distinctions
  3. GNP and GDP Accounting Principles
  4. Purpose in Employing GNP and GDP
  5. Summation: GNP and GDP

Course Materials

All course material will be provided in the lessons and netlinks. There are no required materials to purchase before taking the class.

Grading Policy

Each lesson will include a lesson review quiz along with an assignment. Students will successfully complete this course by mastering all learning outcomes with 70% or higher overall grade.

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.

Assessment Guide

Assessment Points
Lesson 1, Assignment 140
Lesson I Quiz8
Lesson 2, Assignment 130
Lesson 2 Quiz9
Lesson 3, Assignment 130
Lesson 3 Quiz8
Lesson 4, Assignment 140
Lesson 4 Quiz9
Lesson 5, Assignment 120
Lesson 5 Quiz7
Lesson 6, Assignment 120
Lesson 6 Quiz9
Lesson 7, Assignment 140
Lesson 7 Quiz8
Lesson 8, Assignment 120
Lesson 8 Quiz8
Lesson 9, Assignment 130
Lesson 9 Quiz10
Lesson 10, Assignment 120
Lesson 10 Quiz7
Lesson 11, Assignment 140
Lesson 11 Quiz8
The Final Exam450
Total Points:871

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