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Economics Crash Course: Fundamental Theories and Models
Rating: 4.4 out of 5(19 ratings)
1,872 students

Economics Crash Course: Fundamental Theories and Models

Understanding supply & demand, key performance indicators, monetary & fiscal policy, externalities, and competition
Created byAndy Kim, Tomas Levani
Last updated 8/2023
English
English [Auto],

What you'll learn

  • Develop a foundational understanding of key concepts and principles in macroeconomics and microeconomics
  • Analyze the forces that determine prices and quantity in markets
  • Explain how macroeconomic indicators such as GDP, inflation, and unemployment are used to measure economic performance
  • Identify the role of the government in fiscal policy
  • Identify the role of the central bank in monetary policy
  • Analyze the types of competitions that exist in microeconomics
  • Learn about market failures and how economics address them

Course content

2 sections • 11 lectures • 1h 36m total length

  • Fundamentals of Economics Part 112:57

    Discover the fundamentals of economics, including scarcity, trade-offs, opportunity costs, micro and macro analysis, markets, incentives, and how government policies and inflation influence living standards.

  • Fundamentals of Economics Part 28:30

    Identify the four factors of production: land, labor, capital, and entrepreneurship—and their roles in the circular flow, the production possibilities frontier, economic growth, and trade with comparative and absolute advantages.

  • Supply & Demand and Applications4:17

    Examine demand and its law, including diminishing marginal utility, income and substitution effects, and determinants. Understand supply, its law, determinants, and market equilibrium.

  • Macroeconomic Indicators9:31

    Define GDP through expenditure, product, and income approaches, and summarize components—consumption, investment, government spending, net exports—while contrasting real and nominal GDP, inflation types, and unemployment categories (structural, frictional, seasonal, Nairu).

  • Aggregate Demand & Aggregate Supply9:11

    Explore aggregate demand and supply, why AD slopes downward through wealth, interest rate, and exchange rate effects, and the short-run and long-run aggregate supply frameworks.

  • Fiscal & Monetary Policy9:32

    Explore fiscal and monetary policy, including MPC and MPS, automatic stabilizers, and expansionary or contractionary tools; understand multipliers, Phillips curve, and Fed operations.

  • International Trade8:50

    Explore how long-run economic growth shifts the production possibilities frontier and shapes international trade via nominal and real exchange rates and current and capital accounts of the balance of payments.

Requirements

  • No prior experience needed. This course will serve as an introduction to macro/microeconomics

Description

This course introduces fundamental concepts in macroeconomics and microeconomics that will build the foundation for more advanced economic models and theories. We will first begin the course by presenting ten principles of economics, and then discuss key ideas that economics centers around. This crash course is a great free resource for those who want to begin exploring economics but do not know where to start. Even though this course is not fully in conjunction with the Advanced Placement (AP) or college materials, a lot of the content that will be covered are similar to advanced high school or introductory college level economics class.


By taking this course, students will be able to answer questions including but not limited to


  • What is economics?

  • What is scarcity?

  • How are choices made?

  • What are normative and positive economics?

  • What are demand and supply?

  • How are price and quantity determined?

  • What is Gross Domestic Product (GDP)?

  • What is inflation?

  • What is unemployment?

  • What are monetary and fiscal policies?

  • What are the tools monetary and fiscal policies use?

  • What are different types of competitions?

  • What are different types of goods?

  • What are externalities and government failures?

  • How do we address externalities?

  • When and how does the government intervene?

Who this course is for:

  • Beginners who want to explore macro/microeconomics on their own

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