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Understanding Economics Concepts In One Hour
Rating: 4.4 out of 5(63 ratings)
1,372 students

Understanding Economics Concepts In One Hour

Microeconomics Macroeconomics
Created byKelvin Mudita
Last updated 4/2025
English

What you'll learn

  • To develop students critical thinking and analytical abilities around concepts of economics
  • To make students understand key economic principles, theories and relate it to the world they live in.
  • To make students understand how and why markets work and how prices are determined
  • To understand and analyze how output and income are determined at an aggregated level and impact the (un)employment and inflation
  • To help students hone skill sets of analyzing, interpreting economic variables through diagrams, and graphs

Course content

1 section6 lectures42m total length
  • Introduction to economics9:58

    In this video, we introduce the field of economics using quotes from the person that many consider to be the "father" of economics: Adam Smith. Topics include the definition of economics, microeconomics, and macroeconomics as a field and the role of assumptions in economic decisionmaking

  • Understanding the philosophy o of economics5:43

    Dealing with scarcity is the basis of economics, but what does it mean to say that something is scarce? In this video, we explore the definition of scarcity in economics and how scarce resources are different from free resources.

  • Four factors of production6:14
  • Techniques of economic analysis: theories, models and tools6:49

    Economic models are a way of taking complicated ideas and events and breaking them down into their most important characteristics. We use models in economics so that we can focus our attention on a few things instead of getting bogged down a lot of details. In this video, learn more about the role that models play in economics, and the importance of the assumptions that underlie those models.

  • Command and Market Economies9:43

    An introduction to the difference between command economies and market economies.

  • Lesson summary: Introduction to Economics4:18

Requirements

  • No Economics Experience Needed

Description

This introductory course primarily covers the core and fundamental aspects of microeconomics and macroeconomics. The goal of this course is to make students understand the key economic concepts, theories, and principles and how they relate to the world they live in. The emphasis is laid on building students critical thinking and analytical abilities in microeconomics and macroeconomics. The central focus of this course is how and why markets (one important mechanism for allocating scarce resources) operate, and why markets and pricing principles are fundamental in tradeoff and choice questions. Besides, how the key economic decisions are made by households and firms are discussed and exemplified. Production, costs, and market structures are analyzed at firm level. Key macro-economic issues such as output, income, and employment are discussed and their impact on inflation and other macroeconomic indicators are examined.


Introduction to economics - Basic concepts of Economics - Understanding the philosophy o of economics - Nature of economics: Is economics a science or an art? - Definitional pluralities and distinctions such as micro-versus macro, theories versus models - A brief history of ideas in economics - Techniques of economic analysis: theories, models and tools

Demand, supply, and market equilibrium - Demand and supply applications - Consumer surplus and producer’s surplus - Market efficiency and their applications - Elasticity: its various forms and estimation methods, elasticity, and total revenue - Elasticity applications in the field of energy and environment - Utility, Preferences and Choice - Budget constraints, determination of optimal choices using indifference curve analysis and its applications - Behavioral economics as an alternative framework of consumer choice

Production and Cost - Production Theory - Production function and different forms - Short-run and long-run production function, Isoquants, MRTS - Total, average, and marginal products Economies of scale and scope - Theory of cost - Short-run and long run costs, cost minimization - Total, average and marginal costs - Applications of production and costs theory

Market structure and regulation - Market equilibrium and price determination under different market structure - Perfect and Imperfect market structure, welfare costs of monopoly - Market structure, efficiency, and regulation - Regulation of public monopolies - Application in case of infrastructure industries such as energy and water

National Income Accounting - Measuring national income, output, and employment – different approaches - Determination of aggregate output, price level and interest rate – classical, Keynesian, and modern theories and approaches - GDP estimation

Macro-economic policies - Policy effects: monetary and fiscal policy - Indian monetary and fiscal policies: evidence from its evolving dynamics - Open economy macro-economic: balance of payment, exchange rate, international trade

Who this course is for:

  • Grade/ Year 10/ Grade/ Year 11 , Grade/Year 12 , Year 1 University