Learn Economics From Scratch - An A Level Support Course

A micro economics course designed to support understanding from scratch to A level standard.
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  • Lectures 25
  • Contents Video: 3.5 hours
    Other: 41 mins
  • Skill Level All Levels
  • Languages English
  • Includes Lifetime access
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    Available on iOS and Android
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About This Course

Published 12/2014 English

Course Description

"Learn Economics From Scratch" is an 'A'-Level support course. Within 4 hours we will teach you how to view the micro-economic world to approximately A-Level Standard.

Taught by experts in the field (2.1 BA Hons Graduate with over 4 years industry experience) it aims to empower the individual student with abilities to understand the world of micro-economics.

As part of a forthcoming Economics Series aiming to cover the entire Cambridge 2015 A-Level syllabus. By the end of this course you will understand and should be able to:

·Have an appreciation of purpose built print quality diagrams for the course.

·Appreciate insight into the inner workings of the theory of how firms operate in today's business climate

·Appreciate detailed explanations of cost and revenue structures, directly transferable as real life skills into business.

·Learn Micro Economics in under 4 hours with over three hours of purpose created content.

·Define Economics, Understand Basic Economic Ideas, and Economic Structures with particular respect to Types of Economic Systems;

·Understand the History of Economic Systems, their Pros and Cons

·Understand Positive and Normative Economics, their definitions and uses.

·Understand Aspects and features of Money, its functions and characteristics;

·Understand UK Banking structures, and Liquidity Structures of Financial Mediums of Exchange.

·Appreciate aspects of the UK Financial System, How the UK Financial System Creates Money, the Bank Of England, Its Functions and Affect.

·Understand what constitutes Economic Efficiency and its component parts of Productive and Allocative Efficiency.

·Appreciate the Price system and theory of the firm including the Laws of Demand and Supply

·Understand the Assumptions made with respect to Demand and Supply.

·Appreciate Factors determining Demand and the Law of diminishing marginal utility.

·Understand Demand oddities such as Veblen and Giffen goods.

·Appreciate Income and Substitution Effects and the equi-marginal condition.

·Understand and appreciate the concept of Value and the Paradox of Value.

·Appreciate Types of Demand, its Sensitivity and responsiveness to Price (Price Elasticity of Demand) what affects this and the extreme forms it can take.

·Appreciate Cross price elasticity of demand - the way in which one competitive product mat affect the market conditions of another.

·Appreciate Income Elasticity of Demand - the way in which a change in income affects demand of a product.

·Understand and appreciate Pricing policies and planning - how to form a pricing strategy in business.

·Appreciate taxation impacts of elasticity;

·Appreciate Supply conditions and Supply notation.

·Appreciate factors affecting and the outcomes of changes in supply and Joint supply - where one products supply is governed by supply of another products

·Gain an appreciation of Price elasticity of supply and levels of elasticity of supply and its Determinants.

·Understand what’s meant in economics by the Period of supply – momentary, short and long run.

·Understand Supply and Demand notation and diagrams.

·Appreciate the price mechanism, Supply and Demand and its inevitable state of Equilibrium.

·Appreciate the impact on markets of Minimum Price Controls;

·Understand Indirect taxes, Incidence of taxation and methods of calculating tax yields.

·Understand Consumer and producer surplus and the impacts of these on the free market.

·Appreciate aspects of Free Market Failure the factors contributing to this and aspects of Market power;

·Appreciate aspects of Factor immobility, Inequality, Merit goods, Externalities, Instability, Information problems, Public goods, Market Instability and Information problems.

·Understand Coase theorem aka the compensation principle;

·Understand Governmental failure and Public choice theory;

·Appreciate Taxation and approaches of theory to handle market failures.

Want to understand the mathematical implications of theory? As part of the course we will cover:

·Marginal, Average, and Total numbers and graphs of these..

·The law of diminishing returns / variable proportions;

·Costs, cost formulae and graphs of costs structures;

·Long run average costs curves;

·Internal economies of scale;

·Types of economies – purchasing; Managerial; technical; financial; risk bearing; marketing.

·Internal diseconomies of scale;

·Minimum efficient scale;

·Returns to scale;

·Cost minimisation;

·External economies and diseconomies of scale – how size implications can save you real money.

·Technology;

·Price and output decisions;

·The average condition;

·Type of profit;

·Short and long run production decisions.

·Pareto optimality and types of efficiency;

·Theory of second best (1956)

Have you ever needed to understand what is meant by a particular market or business form? We will also be covering:

·Market form including Perfect competition its assumptions and representation in graphical form;

·Why are Perfectly Competitive Markets desirable from an economic perspective?

·Monopolistic competition and contestable markets;

·Monopolistic competition diagrams and explanation;

·Contestable markets;

·Barriers to entry;

·Monopoly;

·Monopoly profits and how Barriers to entry make this possible.

·Monopoly and its implications on efficiency;

·Natural Monopoly and Control of natural monopolies;

·Arguments for and against monopoly;

Ever wanted to understand whether you should be charging more for your products? As part of the lecture series we will cover:

·Price discrimination, and Perfect price discrimination;

·Competition and collusion

·Oligopoly / duopoly;

·We will also be appreciating the aspects of competition and collusion with respect to the Kinked Demand Curve;

·The Collusion model of oligopoly;

·What makes collusion more likely;

·An understanding of Game Theory;

·Pricing and non-pricing strategy;

·The role of advertising;

In addition did you ever want to appreciate the implications of competition policy on markets? As part of this course we will be discussing:

·Economic Competition & competition policy:

·Policies by governments;

·Ways of using competition policy;

·Office of fair trading;

·European Commission;

·EU restrictive practices policy;

·European Monopoly power

·EU Mergers;

·UK Competition Laws;

·Trading Laws: 1973 fair trading act; 1980 competition act; 1998 competition act; 2002 Enterprise act;

·Cartels;

Ever want to understand what types of form a business can take in the real world, how they grow, and what forms of descriptive / analytical business models they can take? We will be covering:

·Types of business;

·Shares;

·Multinationals / transnationals;

·Why governments are suspicious of multinationals;

·Growth of firms; Internal vs external.

·Why takeover or merge;

·Reasons of growth;

·Types of growth;

·Franchising;

·Objectives of firms;

·Profit maximisation vs managerial models;

·Managerial utility maximisation model (Williamson);

·Sales revenue maximisation (Baumol);

·Growth Maximisation (Marris);

·Satisficing (Simon);

·Diagrams of managerial models;

Ever want to understand how the labour market works and be able to discus with a union representative how this works? As part of this course we will be covering:

·Labour – demand for labour;

·Elasticity of demand for labour;

·Individuals supply of labour;

·Supply of labour determinants;

·Perfectly competitive labour market; - Diagrams;

·Wage differences;

·Imperfections in the labour market;

·Wage determination in imperfect markets;

·Monopsony;

·Monopsony diagrams;

·Trade Unions;

·Power over labour supply;

·Union illustration;

·Power of trade unions - determinants.

·Bilateral Monopoly;

·Differences in individuals earnings; - Determinants;

·Minimum wage; - effects;

·Government intervention in labour markets;

·Transfer earnings – Economic rent & Quasi rent;

·Income Vs Wealth;

·Sources of income;

·Why incomes differ;

·Wealth – types and forms;

·Equality and equity (Fairness);

·Equity vs efficiency;

·Poverty – absolute and relative;

·Income distribution in the UK.

·How government redistributes income;

In addition we will be taking feedback from students and answering tricky questions with reference to the course, should you be having particular difficulty with any aspect of the theory.

I hope to see you soon.

What are the requirements?

  • Simple access to a laptop or PC connected to the internet and a Udemy.com account created.

What am I going to get from this course?

  • Develop and gain an appreciation of Micro-Economics to approximately A-Level Standard

What is the target audience?

  • Anyone can take the course, at any level of knowledge.

What you get with this course?

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

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Lifetime access.

Learn on the go.
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Get rewarded.
Certificate of completion.

Curriculum

Section 1: Meet the Author
01:03

A note From the author..


Hello, I am the author of the course, my name is Ian, and this is a brief introduction of my background for your review.

Section 2: What is Economics and what will be included in this economics course?
15:38

A brief overview and taste of what is to come in this micro-economics course.

Section 3: Micro-Economic Theory
15:43

As part of this lecture you will learn about:

  • Economics as a Definition;
  • Basic Economic Ideas and Understandings;
  • Economic Structures;
  • Production Possibility Curves and Frontiers.

Hope to see you there.

19:31

As part of this lecture you will learn about:

  • Economic Structures with particular respect to Types of Economic Systems;
  • History of Economic Systems;
  • Pros and Cons of Economic Systems.

Hope to see you there.

01:58

As part of this lecture you will gain an understanding and appreciation of:

  • Positive and Normative Economics, their definitions and uses.


Hope to see you there.

10:07

As part of this lecture you will gain an understanding and appreciation of:

  • Aspects and features of Money, its functions and characteristics;
  • UK Banking structures;
  • Liquidity Structures of Financial Mediums of Exchange.

Hope to see you there.

05:40

As part of this lecture you will gain an understanding and appreciation of:

  • The UK Financial System;
  • How the UK Financial System Creates Money;
  • The Bank Of England, Its Functions and Affect.

Hope to see you there.

07:52

As part of this lecture you will gain an understanding and appreciation of:

  • Economic Efficiency and its component parts of Productive and Allocative Efficiency.

Hope to see you there.

09:10

As part of this lecture you will gain an understanding and appreciation of:

  • Price system and theory of the firm: demand, demand curves. Law of demand. Assumptions.
  • Factors determining demand
  • Movements along a demand curve.
  • Law of diminishing marginal utility.
  • Demand curve oddities – Veblen and giffen goods.
  • Income and substitution effects.
  • The Equi-marginal condition.
  • Value.
  • The paradox of value.

Hope to see you there.

10:20

As part of this lecture you will gain an understanding and appreciation of:

  • Types of demand;
  • Sensitivity of demand;
  • Price elasticity of Demand;
  • What affects elasticity of demand;
  • Extremes of elasticity of demand;
  • Cross price elasticity of demand;
  • Income elasticity of demand;
  • Pricing policies and planning;
  • Taxation impacts of elasticity;

Hope to see you there.

10:19

As part of this lecture you will gain an understanding and appreciation of:

  • Supply;
  • Supply notation;
  • Changes in supply;
  • Conditions governing supply;
  • Joint supply;
  • Price elasticity of supply;
  • Degrees of elasticity of supply;
  • Determinants of price elasticity of supply;
  • Period of supply – momentary, short and long run.

Hope to see you there.

08:26

As part of this lecture you will gain an understanding and appreciation of:

  • Supply and demand;
  • Price mechanism and supply and demand;
  • Equilibrium;
  • Minimum price controls;
  • Indirect taxes;
  • Incidence of taxation;
  • Calculating tax yields;
  • Consumer and producer surplus;
  • Free market and community surplus;

Hope to see you there.

07:36

As part of this lecture you will gain an understanding and appreciation of:

  • Free market failure; factors in failure;
  • Market power;
  • Factor immobility
  • Inequality
  • Merit goods
  • Externalities
  • Instability
  • Information problems
  • Public goods.

Hope to see you there.

11:32

As part of this lecture you will gain an understanding and appreciation of:

  • Market failure continued:
  • Coase theorem aka the compensation principle;
  • Instability
  • Information problems
  • Public goods.
  • Governmental failure;
  • Public choice theory;
  • Taxation and approaches of theory to handle market failures.

Hope to see you there.

18:15

As part of this lecture you will gain an understanding and appreciation of:

Marginals, averages, and totals: Pt. 1.

  • The marginals
  • Average
  • Totals
  • Graphs of the above;
  • The law of diminishing returns / variable proportions;
  • Costs;
  • Formulae and graphs of costs structures;
  • Long run average costs curves;
  • Internal economies of scale;
  • Types of economies – purchasing; Managerial; technical; financial; risk bearing; marketing.
  • Internal diseconomies of scale;
  • Minimum efficient scale;
  • Returns to scale;
  • Cost minimisation;
  • External economies and diseconomies of scale;
  • Technology;
  • Price and output decisions;
  • The average condition;
  • Type of profit;
  • Short and long run production decisions.

Hope to see you there.

04:48

As part of this lecture you will gain an understanding and appreciation of:

  • Pareto optimality and types of efficiency;
  • Theory of second best (1956)
  • Market form:
  • Perfect competition: Assumptions;
  • Perfect Competition and graphs;
  • Supply curve in Perfect Competition;

Hope to see you there.

07:56

As part of this lecture you will gain an understanding and appreciation of:

Marginals, averages, and totals (Pt. 3)

  • Long run supply curves in Perfect competition;
  • Why are Perfectly Competitive Markets Desirable?
  • Monopoly;
  • Monopoly profits;
  • Barriers to entry;
  • Monopoly and efficiency;

Hope to see you there.

10:10

As part of this lecture you will gain an understanding and appreciation of:

  • Natural Monopoly;
  • Control of natural monopolies;
  • Arguments for and against monopoly;
  • Monopolistic competition and contestable markets;
  • Monopolistic competition diagrams and explanation;
  • Contestable markets;
  • Barriers to entry;
  • Price discrimination;
  • Perfect price discrimination;

Hope to see you there.

08:13

As part of this lecture you will gain an understanding and appreciation of:

  • Competition and collusion
  • Oligopoly / duopoly;
  • Competition and collusion; - kinked demand curve;
  • Collusion model of oligopoly;
  • What makes collusion more likely;
  • Game Theory;
  • Pricing and non pricing strategy;
  • Role of advertising;

Hope to see you there.

11:44

As part of this lecture you will gain an understanding and appreciation of:

  • Economic Competition – competition policy:
  • Policies by governments;
  • Ways of using competition policy;
  • Office of fair trading;
  • European Commission;
  • EU restrictive practices policy;
  • European Monopoly power
  • EU Mergers;
  • UK Competition Laws;
  • Trading Laws: 1973 fair trading act; 1980 competition act; 1998 competition act; 2002 Enterprise act;
  • Cartels;
  • Types of business;
  • Shares;
  • Multinationals / transnationals;
  • Why governments are suspicious of multinationals;
  • Growth of firms; Internal vs external.
  • Growth of firms;
  • Why takeover or merge;
  • Reasons of growth;
  • Types of growth;
  • Franchising;

Hope to see you there.

13:59

      As part of this lecture you will gain an understanding and appreciation of:

        Objectives of firms;

        Profit maximisation vs managerial models;

        Managerial utility maximisation model (Williamson);

        Sales revenue maximisation (Baumol);

        Growwth Maximisation (Marris);

        Satisficing (Simon);

        Diagrams of managerial models;

        Labour – demand for labour;

        Elasticity of demand for labour;

        Individuals supply of labour;

        Supply of labour determinants;

        Perfectly competitive labour market; - Diagrams;

        Wage differences;

        Imperfections in the labour market;

        Wage determination in imperfect markets;

        Monopsony;

        Monopsony diagrams;

        Trade Unions;

        Power over labour supply;

        Union illustration;

        Power of trade unions; - determinants.

      Hope to see you there.

09:25

As part of this lecture you will gain an understanding and appreciation of:

  • Bilateral Monopoly;
  • Differences in individuals earnings; - Determinants;
  • Minimum wage; - effects;
  • Government intervention in labour markets;
  • Transfer earnings – Economic rent & Quasi rent;
  • Income Vs Wealth;
  • Sources of income;
  • Why incomes differ;
  • Wealth – types and forms;
  • Equality and equity (Fairness);
  • Equity vs efficiency;
  • Poverty – absolute and relative;
  • Income distribution in the UK.
  • How government redistributes income;

Hope to see you there.

Course Summary.
Article
Section 4: Summary of what we've learned:
Index:
Article
Section 5: Quiz's
12 questions

A Quiz to assess what you've learned concerning the basic economic ideas module.

1 question

Positive and normative economics

6 questions

These questions cover the area of money, banking and liquidity, please attempt them when you feel confident that you have learned the content of this module.

6 questions

You should attempt these questions having completed the Economic Efficiency section (Section 8) of the course.

23 questions

These questions relate to sections 9 through 12 and should be attempted when you have completed these and feel confident that you understand the content.

11 questions

This quiz concerns market failure, and should be attempted when you have completed the sections concerning this in the course - lecture sections 13 & 14.

21 questions

You should attempt this quiz series after becoming familiar with the content of lectures 15 - 17.

9 questions

This quiz set should be attempted when parts 18 - 19 of the lecture series have been satisfactorily completed.

23 questions

The Following Quiz's sections should be attempted when you have completed lectures 20 - 22 satisfactorily..

Section 6: Curriculum
34 pages

Please note that sections 1, 2, and 3, only are relevenat to micro-economics, the remainder is macro-economic and data analysis paper content which we will be covering in a seperate course and is beyond the scope of this course.

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Instructor Biography

Mr Ian Moore, English Speaker, Graduate, Aspiring Teacher.

Ian is 39 years old, raised in Northern England, a British national since birth, he graduated in 1999 from Liverpool John Moores University with a 2.1 degree in Economics. Having a subsequent career in the Financial Services Industry, remaining of CertPFS qualified status and a certified Microsoft Office 2010 professional he has had an ongoing interest in Data manipulation for some time. For several years Ian has been involved in teaching English to ESOL individuals at a local center. He plans to take his teaching certificates officially soon and hold both qualified teacher and TEFL status. In addition he admires those able to program computers and aspires to be able to do the same. With interests as wide ranging as Oriental Studies and Squash, there is too much to write here...

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