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Economics: Theory and Applications

A simple way of learning economics
4.7 (9 ratings)
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770 students enrolled
Last updated 1/2016
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The title of the course is ‘Economics: Theory & Applications’. The course defines various concepts of economics taking examples from our everyday life.

The course is divided into four sections. In the first section, definition of Economics and the difference between Microeconomics and Macroeconomics is discussed with appropriate examples. In the second section, the concept of production possibility frontier and its important uses in economics is explained with necessary illustrations.

The third section offers a detail of the theory of demand and supply. With the help of the theory of demand and supply, in the final section, that is, in the last section, the operation of market mechanism and its application is presented. Discussion of the concepts like the Law of One Price, price ceiling, price flooring, etc., makes the section interesting and delighting.

The course consists of 20 lectures and a total of 1 hour 35 minutes.

With more than ten years of professional experience at university level, I have designed the course so that it can satisfy all of your desires. Besides the students of Economics, the course will serve the interest of the students studying business because of the interdependence between these two.

The lectures are arranged in such a way that learners of all levels and from all educational backgrounds can easily understand the course. The lectures explain various tools of economics with practical and real life examples, which will enable the students not only to learn the theories, but also to apply them to explain the problems they experience in their daily life.

Who is the target audience?
  • learners of all levels and from all educational backgrounds
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What Will I Learn?
learn the basic concepts and theories of economics as well as their applications in their everyday life
evaluate the consequences of policies taken by individuals and governments
View Curriculum
  • The course is designed for learners of all levels.
  • All concepts are introduced slowly and gradually, but comfort with thinking analytically will be helpful.
Curriculum For This Course
Expand All 20 Lectures Collapse All 20 Lectures 01:34:36
Section One
3 Lectures 11:31

Contents of the course

Preview 03:02

How can we define Economics?

Preview 04:23

The difference between Microeconomics & Macroeconomics is discussed with a nice example

Classifications of Economics
Section Two
5 Lectures 17:55

What does Production Possibility Frontier show?

Preview 04:26

A point off the PPF may mean two things. What are those?

What does it mean when we are not on PPF?

Is a point beyond the PPF really achievable?

How does economics explain the effect of technological progress?

When does PPF shift?

An economy exists because of two major facts- Scarcity and choice. How can we use PPF to explain these facts?

Use of PPF to Explain Scarcity and Choice

Opportunity Cost is a popular and widely used concept in Economics and Business? The lecture will explain it with an interesting example and by using PPF.

PPF & Opportunity Cost
Section Three
5 Lectures 26:52

What determines how much of a product you desire?

Law of Demand

How does you demand for a product response to its price and to other factors like your income?

Change in Quantity Demanded VS Change in Demand

Why do producers produce more if the price of a product rises?

Law of Supply

If there is no change in price, what motivates a producer to produce more?

Change in Quantity Supplied VS Change in Supply

When do producers produce more of a product, and when less?

More about Change in Supply
Section Four
7 Lectures 38:18

An introduction with the contents of this section

Preview 02:10

Do you know the price you offer to a seller is exactly what he wants?

Price Determination in a Free Market

How does self-correcting process work at the market place?

The Invisible Hand

Application of market mechanism: Effects of change in demand

Application: Chinge in Demand and its Effects on Price and Quantity

Application of market mechanism: Effects of change in supply

Application: Chinge in Supply and its Effects on Price and Quantity

Application of Market Mechanism: How does the one price law (a widely used concept in International Economics) work?

Application: One Price Law

Is the price determined in a free market always desirable?

Application: Price Controls
About the Instructor
4.6 Average rating
16 Reviews
2,125 Students
3 Courses

I am a practicing academician of Economics at IIUC and currently working as a fellow of the Scientific and Technological Research Council of Turkey (TUBITAK). I have more than 10 years of teaching experiences both at undergraduate (BBA) and post graduate (MBA) levels. I am extremely passionate in teaching and thus here to share my teaching experiences with students worldwide.

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