
Begin your journey in economics made easy as the introduction to the five course series, exploring how early human activities, food security, and domestication shaped modern economics.
Examine classic definitions of economics, from wealth and exchange to welfare and production, and the shift from micro to macro economics in allocating scarce resources to meet unlimited needs.
John uses a circle of preference to choose a laptop over an economics textbook, illustrating basic economic concepts. He learns that the forgone alternative is the opportunity cost.
Identify the basic economic problems of what to produce, how to produce, and for whom to produce. Examine resource allocation, efficiency, and the choice between capital and labor intensive methods.
Explore the basic tools of economic analysis and how relationships among variables are expressed through mathematical and geographical representations to address fundamental economic problems.
Explore the concept of demand in economics, defining effective demand as willingness and ability to pay at prices, and how the law of demand links price, substitutes, and quantity demanded.
Identify how change in demand shifts consumer desire between Coca-Cola and Pepsi substitutes. Recognize change in quantity demanded as a movement along the same curve caused by price changes.
Learn how individual demand schedules form market demand, creating the aggregate demand curve, and apply the law of demand—price and quantity demanded move inversely, with shifts in demand.
Explore the factors driving demand, including price, income, substitute goods, seasonality, expectations of future prices, and consumer tastes.
Explore how the supply schedule and supply curve depict quantity supplied rising with price, illustrated by a Coca-Cola example, reflecting the upward-sloping curve and the law of supply.
Analyze how demand and supply determine market equilibrium, the price that clears the market. Explain excess supply, excess demand, and disequilibrium when demand does not meet supply.
Explore elasticity as the responsiveness of a dependent variable to changes in an independent variable, illustrating price elasticity of demand via a money demand model with income and interest rates.
Explore the price elasticity of supply, measuring how quantity supplied responds to price changes. Learn elastic, inelastic, and perfectly elastic or inelastic supply, using percentage changes.
Explore demand elasticity types, including unitary, perfectly elastic and inelastic, and fairly elastic or inelastic, through real-world examples like furnitures, water, and gasoline.
Explore cross elasticity of demand and how a price change in one commodity affects the demand for another, including substitutes and complements, using the price elasticity formula.
Learn economics from scratch by explaining price elasticity of supply, the responsiveness of quantity supplied to price changes, and the types: elastic, inelastic, and perfectly elastic or inelastic.
ENGLISH
Learn Economics from the scratch, ECO01 is the first of a five course series culminating in the specialization of Economics.
Have you ever wondered what Economics is all about? Maybe you’re in high school or you’re in college majoring in or taking it as borrowed course. Perhaps you’re just an adult and you just want to refresh your memory on the subject. You’re in the right place.
Economics is an age long activity, from credle man's activities have centered on how to satisfy his wants. While some economic historians believed that economics thought started with the classical school, others believe that economic reasoning dated back to the mercantilist. Only few maintained that physiocratic thought contained elements of economics.
Be it as it may, economic activities started with man. As a hunter and food gatherer, the epic man was concerned about the future, which led him to domesticate animals and food crop. As a physiocrat, man wants to produce goods for future consumption and a mercantilist his trade centers on acquiring more wealth. Today, the world is an economic globalization, which makes the study of economics vital.
FRENCH
Apprenez l'économie à partir de zéro, ECO01 est le premier d'une série de cinq cours aboutissant à la spécialisation de l'économie.
Vous êtes-vous déjà demandé ce qu'est l'économie? Peut-être que vous êtes au lycée ou que vous êtes au collège, vous vous spécialisez ou vous le suivez comme cours emprunté. Vous n'êtes peut-être qu'un adulte et vous voulez simplement vous rafraîchir la mémoire sur le sujet. Vous êtes au bon endroit.
L'économie est une activité de longue date, les activités de l'homme crédule se sont concentrées sur la façon de satisfaire ses besoins. Alors que certains historiens de l'économie pensaient que la pensée économique avait commencé avec l'école classique, d'autres estiment que le raisonnement économique remontait au mercantiliste. Seuls quelques-uns soutiennent que la pensée physiocratique contient des éléments économiques.
Quoi qu'il en soit, les activités économiques ont commencé avec l'homme. En tant que chasseur et cueilleur de nourriture, l'homme épique était préoccupé par l'avenir, ce qui l'a amené à domestiquer les animaux et les cultures vivrières. En tant que physiocrate, l'homme veut produire des biens pour la consommation future et un mercantiliste son commerce se concentre sur l'acquisition de plus de richesse. Aujourd'hui, le monde est une mondialisation économique, qui rend l'étude de l'économie vitale.
SPANISH
Aprenda Economía desde cero, ECO01 es el primero de una serie de cinco cursos que culmina en la especialización de Economía.
¿Alguna vez te has preguntado de qué se trata la economía? Tal vez estás en la escuela secundaria o estás en la universidad, especializándote o tomándolo como un curso prestado. Quizás solo eres un adulto y solo quieres refrescar tu memoria sobre el tema. Estás en el lugar correcto.
La economía es una actividad de toda la vida, desde el punto de vista económico, las actividades del hombre se han centrado en cómo satisfacer sus deseos. Mientras que algunos historiadores de la economía creían que el pensamiento económico comenzó con la escuela clásica, otros creen que el razonamiento económico se remonta a la mercantilista. Solo unos pocos sostuvieron que el pensamiento fisiocrático contenía elementos de la economía.
Sea como fuere, las actividades económicas comenzaron con el hombre. Como cazador y recolector de alimentos, el hombre épico estaba preocupado por el futuro, lo que lo llevó a domesticar animales y cultivos alimenticios. Como fisiócrata, el hombre quiere producir bienes para consumo futuro y un mercantilista que su comercio se centra en adquirir más riqueza. Hoy, el mundo es una globalización económica, lo que hace que el estudio de la economía sea vital.