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Economic Culture

Economic Culture

Concepts studied by economics, how they originate and how they are related
Last updated 10/2021
English

What you'll learn

  • Microeconomics
  • Macroeconomy
  • Taxes
  • Devaluation, depreciation and exchange rate

Course content

4 sections23 lectures30m total length
  • Definition0:51

    Explore microeconomics and the individual decisions of all elements that make up a country, showing how they manage their resources to feed the country's economy.

  • Concepts2:23

    Explore microeconomic concepts in economic culture, including price, quantity, price elasticity, consumer demand, and opportunity cost in market exchanges.

  • Types Of Market1:26

    Explore microeconomic concepts and the types of market, including monopoly and oligopoly. See how monopoly sets prices or output and how oligopolies involve competing firms.

Requirements

  • None

Description

The economy is an area of ​​production, distribution and trade, as well as the consumption of goods and services by different agents. In general, it is defined 'as a social domain that emphasizes the practices, discourses and material expressions associated with the production, use and management of resources'. In a broad sense, economics refers to the organization of the use of scarce resources (limited or infinite) when they are implemented to satisfy individual or collective needs, so it is a system of interactions that guarantees that type of organization, also known like the economic system.


Economic activities cover three phases: production, distribution and consumption Since production depends on consumption, economics also analyzes the behavior of consumers with respect to products. Some economic activities are agriculture, livestock, industry, commerce, and communications.


The economy is divided into two central divisions according to its scope: 27


Microeconomics


Microeconomics is a part of the economy that studies the economic behavior of individual agents, such as consumers, companies, workers and investors; as well as their interrelation in the markets.


Macroeconomy


Macroeconomics is the part of economic theory that is responsible for studying global indicators of the economy through the analysis of aggregate variables.

The economic culture understood as the set of knowledge and experience that throughout the course of history have influenced the development of the processes of production, distribution, commercialization, and consumption of goods and services, which are revealed through economic thought . They are also the traditions, values and attitudes that are manifested in the historical-concrete practice of each individual, being able to be used for the benefit of all and with social responsibility. However, can this last expression of the concept of economic culture be understood?

Who this course is for:

  • Anyone interested in economics