Online Class: Economics 101
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.
Course MotivationWe 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: Real World Applications
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.
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.
· 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.
Lesson 1: Definition, History and Various Forms of EconomicsThe 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.
Lesson 2: Schools of ThoughtSince its infancy, the complex study of economics has attracted more than its fair share of viewpoints and opinion makers.
Lesson 3: Ten Major Principles of EconomicsMankiw'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.
Lesson 4: World Economic Systems and Comparative EconomicsThis 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.
Lesson 5: Components in Societal EconomyOne 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.
Lesson 6: Basic Tenets of the U.S. Economic SystemThe strengths of the U.S. economic system depends on natural resources, labor, and capital.
Lesson 7: Global Economies: Ranking National EconomiesWhile 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.
Lesson 8: Micro and Macro: Styles of EconomicsInterweaving 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.
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.
Lesson 10: Managerial EconomicsAs a category, economic activities occurring within corporate structures are known either as managerial economics or business economics.
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.
- Define economics.
- Summarize the history of economics.
- Describe the ten major principles of economics.
- Describe the components in Societal Economy.
- Summarize 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).
- Demonstrate mastery of lesson content at levels of 70% or higher.
Additional Course Information
- Document Your Lifelong Learning Achievements
- Earn an Official Certificate Documenting Course Hours and CEUs
- Verify Your Certificate with a Unique Serial Number Online
- View and Share Your Certificate Online or Download/Print as PDF
- Display Your Certificate on Your Resume and Promote Your Achievements Using Social Media
- "Loved it, the course taught me quite a lot" -- Emeriza G.
- "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.
- "Everything was helpful. Instructor was great! Thanks!" -- Marcus M.
- "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.
- "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.
- "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.
- "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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