Complete Introduction to Economics- Basic to Advanced Level

Explore the concepts of demand and quantity demanded, the law of demand, demand determinants, demand schedules and functions, and how supply interacts with demand in price movements.

The lecture defines demand as the willingness and ability to buy at prices, explains the law of demand, and outlines demand forecasting, schedules, curves, and determinants like price and income.

Explore the concept of supply, its schedules and curves, and determinants like price, production factors, technology, future price, number of firms, and government policy in a competitive marketplace.

Identify how the law of supply links price to quantity supplied, showing a direct relationship under ceteris paribus and illustrating how determinants like technology and government policy affect supply.

Explore the equilibrium of demand and supply, how shifts in demand and supply affect equilibrium price and quantity, and how surpluses, shortages, and efficiency arise.

Explore how substitute and complementary goods influence demand, and how income and price changes affect the quantity demanded and consumer choices in economics.

Explore how elasticity measures respond to price changes, focusing on price elasticity of demand and its calculation via percentage changes. Learn the difference between elastic and inelastic demand and concepts.

Examine price elasticity of supply and income elasticity of demand, illustrating how elastic and inelastic responses influence production, pricing, and government housing decisions.

Learn income elasticity of demand, including normal and luxury goods, and cross elasticity of demand to identify substitutes, complements, and independent goods.

Explore measures of financial effectiveness in investment and financing decisions, and apply time value of money concepts, including present value, future value, and discounting to evaluate cash flows.

Explore how future value measures an investment's worth at a future date using the accumulation function and compound interest. See how present value and rate of return shape future value.

Calculate the profitability index as the present value of future cash flows divided by the initial investment, and interpret PI > 1 as acceptance and < 1 as rejection.

Calculate the profitability index by discounting future cash flows to present value using the cost of capital and compare to the initial investment to decide if the project is worthwhile.

Learn how to compute the payback period for even and uneven cash flows, using the initial investment and cumulative cash inflows, and understand its significance for liquidity and risk.

Assess investment profitability by computing net present value from discounted cash inflows and outflows, applying the positive/negative/zero acceptance rule, and noting NPV advantages and drawbacks.

Compute net present value by discounting cash inflows and outflows at the given rate, then decide project acceptance based on a positive NPV, including even and uneven cash flows.

Evaluate investment proposals using net present value, applying discount rates and cash flow projections to determine project viability.

Assess the internal rate of return (IRR) as a metric for evaluating investments, noting its advantages like time value of money and simplicity, and drawbacks such as ignoring project size.

Master the time value of money by reviewing present value, future value, and key formulas; analyze cash flows, discount rates, payback, NPV, IRR, and profitability index.

Learn how engineers assess projects within a combined physical and economic environment using engineering economics, time value of money, net present value, and planning to balance costs, benefits, and externalities.

Explore GDP as a key economic indicator, its components, and real versus nominal GDP, then see how inflation, CPI, and WPI affect engineers and trade.

Explore population dynamics, GDP, inflation, and unemployment as key economic indicators. Understand how monetary and fiscal policies, taxes, and investment types shape economic decisions.

Explore depreciation and depletion basics: cost, salvage value, useful life, and methods such as straight-line and declining balance, and their impact on asset valuation and financial reporting.

Learn depreciation methods—straight-line, units of production, and declining balance. Understand how cost, use, and salvage value drive calculations, and see depreciation, amortization, and obsolescence concepts.

Compare depreciation methods—straight line, unit production, and declining balance—and explain depletion of natural resources, cost determination, and per unit depletion calculations with mineral deposit examples.

Explain the difference between depreciation and depletion, showing how depreciation lowers tangible asset value while depletion captures physical resource consumption, with straight-line, units-of-production, and double-declining methods.

Examine classical liberal economics via Adam Smith’s wealth of nations, division of labor, and laissez faire, then contrast with Malthus and Ricardo on population, demand, and comparative advantage.

Explore classical and neoclassical and Keynesian thought, tracing how supply and demand determine prices across long and short runs. Examine concepts like marginal utility, consumer and producer surplus, and welfare.

Explore the ten principles of economics, from tradeoffs and opportunity costs to incentives and marginal changes, and see how markets, government policy, and productivity shape living standards.

Master the ten principles of economics, from inflation to the inflation-unemployment trade-off (Phillips curve). See how monetary and fiscal policy and price stickiness affect production and living standards.

Explore how production transforms resources into goods and services to meet demand, covering what, how, and for whom to produce, with primary, secondary, and tertiary production.

Explore factors of production—land, labor, capital, and entrepreneurship—and how they combine with natural resources and equipment to produce goods and services.

Explain labor as a dynamic, non homogeneous factor of production and capital as a man made asset shaping production, its formation, mobility, and use.

Understand the entrepreneur's role as organizer of land, labor, and capital, and how it differs from a businessman. Learn how entrepreneurs plan production, allocate resources, and manage risk.

Explore how land, labor, capital, and entrepreneurship interconnect, and how economies of scale, specialization, bulk purchasing, and financial structure reduce costs and boost production.

Explore short-run and long-run production functions with fixed capital and variable labor, and distinguish explicit costs from implicit costs to explain revenue, cost, and economic versus accounting profit.

Explore the types of cost, including explicit, implicit, actual, incremental, sunk, and opportunity costs, and learn how forecasting, pricing decisions, and capital budgeting rely on these costs under GAAP.

Explore fixed and variable costs, short-run and long-run cost concepts, marginal and average costs, plus shutdown, sunk, abandonment, and replacement costs to optimize production decisions.

Learn cost formulas, including total cost, fixed and variable costs, and their per-unit measures (AVC, AFC, ATC). Assess shutdown decisions, marginal cost, and economies of scale in production.

Analyze how average total cost and price determine profit, and how average revenue and marginal revenue relate to market structures like perfect competition, oligopoly, monopolistic competition, and monopoly.

Identify how marginal cost and marginal revenue guide production, balancing fixed and variable costs for optimal output. Explore returns to scale and how quality affects pricing, demand, and profitability.

Examine the three returns to scale—increasing, decreasing, and constant—and their connection to the economics of scale, and practice calculating fixed, variable, average, and marginal costs.

Learn to analyze costing in production, including fixed and variable costs, production function, opportunity costs, and how to compute ATC, AFC, and AVC.

Explore forms of business, focusing on sole proprietorship and partnership, including their advantages and liabilities, tax considerations, formation, and how they compare to limited companies.

Examine forms of business beyond sole proprietorship and partnership, focusing on corporation and growth challenges, leadership, market research, product lifecycle, and continuous innovation.

Explore forms of business, including corporations, franchising, and mergers; understand limited liability, taxation, franchise models, and how mergers create market size, economies of scale, and potential challenges.

Explore how joint ventures offer access to new markets, resources, and expertise while delivering shared costs and temporary collaboration features, yet require careful planning and clear agreements to avoid conflicts.

Explore acquisitions as one company gains control by owning a majority of another’s shares and assets, and unpack the merger and acquisition process from planning to closing.

discover how linear programming optimizes resource allocation by maximizing the objective function under constraints. analyze an example with x1+x2≤450 and 2x1+x2≤600 to locate the feasible region and optimum.