Economics: Theory and Applications

A simple way of learning economics
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  • Lectures 20
  • Length 1.5 hours
  • Skill Level All Levels
  • Languages English
  • Includes Lifetime access
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About This Course

Published 10/2015 English

Course Description

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.

What are the requirements?

  • The course is designed for learners of all levels.
  • All concepts are introduced slowly and gradually, but comfort with thinking analytically will be helpful.

What am I going to get from this course?

  • 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

Who is the target audience?

  • learners of all levels and from all educational backgrounds

What you get with this course?

Not for you? No problem.
30 day money back guarantee.

Forever yours.
Lifetime access.

Learn on the go.
Desktop, iOS and Android.

Get rewarded.
Certificate of completion.


Section 1: Section One

Contents of the course


How can we define Economics?


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

Section 2: Section Two

What does Production Possibility Frontier show?


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


Is a point beyond the PPF really achievable?

How does economics explain the effect of technological progress?


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


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.

Section 3: Section Three

What determines how much of a product you desire?


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


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


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


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

Section 4: Section Four

An introduction with the contents of this section


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


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


Application of market mechanism: Effects of change in demand


Application of market mechanism: Effects of change in supply


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


Is the price determined in a free market always desirable?

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Instructor Biography

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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