Basics Of Economics A Complete Study

Learn basics of economics useful for real life application

What you'll learn

Understand What is Economics

Understand Difference between Micro Economics and Macro Economics

Understand Theory of Demand

Requirements

This course starts from fundamentals

No prior knowledge is required

Description

Welcome to course on "Basics of Economics A Complete Study"
Finance, Accountancy and Economics are three different business subjects but with inter dependence, similarities and of course distinct differences.
If one has to excel in any of the above one domain (Finance / Accountancy / Economics) he should have strong understanding of main domain and basic understanding of other two domains.
Hence, this course will provide basic knowledge on Economics for Finance and Accounting Professionals.
So, what is Economics is all about?
Its about making choices.
Its not just about money.
It is about weighing different choices or alternatives.
So, there are variety of modern definitions for economics. Some of the differences may reflect evolving views of the subject or different views among economists
By studying Economics, you will understand two fundamental facts;
a) Human beings have unlimited wants; and
b) The means of satisfying these wants are relatively scarce
and the above form the subject matter.
By taking this course, you will learn
i) What is Economics
ii) Definition and Scope of Economics
iii) Nature of Economics
iv) Methods of Study of Economics
v) Economic Problems
vi) Theory of Demand
vii) Law of Demand
viii) Expansion and Contraction of Demand
ix) Demand Curve
x) Elasticity of Demand
Based on students engagement level, further courses will be added on the topics like
Theory of Production and Cost, Price Determination in Different Markets, etc.
This course is structured in self paced learning style.
You will experience virtual class room with black / green board writing and lectures with supporting lectures.
Take this course to understand the basics of Economics.

Overview

Section 1: Introduction to Economics

Lecture 1 Introduction

Lecture 2 Wealth and Welfare Definition of Economics

Lecture 3 Economics Scarcity Definition

Lecture 4 Economics Growth Definition

Section 2: Economics Classification

Lecture 5 Micro Economics

Lecture 6 Macro Economics

Section 3: Economic Analysis and Laws

Lecture 7 Methods of Economic Analysis

Lecture 8 Economic Laws

Lecture 9 Human Wants

Lecture 10 Charecteristics of Wants Part I

Lecture 11 Charecteristics of Want Part II

Lecture 12 Classification of Wants

Lecture 13 Significance of Classification of Want

Lecture 14 Utility - Total Utility and Marginal Utility

Lecture 15 Law of Diminishing Marginal Utility (DMU)

Lecture 16 Importance of Law of DMU

Lecture 17 Criticism of Law of DMU

Lecture 18 Law of Equi Marginal Utility

Lecture 19 Limitations of Law of EMU

Section 4: Demand and Supply

Lecture 20 What is Demand?

Lecture 21 Law of Demand

Lecture 22 Demand Schedule & Demand Curve

Lecture 23 Individual Demand and Market Demand Schedule

Lecture 24 Market Demand Curve

Lecture 25 Exceptions to law of Demand

Lecture 26 Extension and Contraction of Demand

Lecture 27 Shifts in Demand (Increase / Decrease in Demand)

Lecture 28 Factors determining Demand

Lecture 29 Introduction to Elasticity of Demand

Lecture 30 Price Elasticity of Demand

Section 5: Introduction to Business Economics

Lecture 31 Introduction

Lecture 32 Economic Theory and Business Practices

Section 6: Decision Making Process in Business

Lecture 33 Decision Making in Business

Lecture 34 Fundamental concepts in Decison Making followed by Incremental Concept

Lecture 35 Incremental and Marginal Concepts

Section 7: Price determination in different markets

Lecture 36 Market

Lecture 37 Classification of Markets

Lecture 38 Types of Market Struture

Lecture 39 Total Revenure, Average Revenue and Marginal Revenue

Lecture 40 Determination of Prices in Open Market

Lecture 41 Increase in Demand and new Equilibrium Point

Lecture 42 Decrease in Demand and new Equilibrium Point

Lecture 43 Features of Perfect Market

Lecture 44 Price determination in perfect market

Section 8: Why, What, How, When of Price Determinations in Different Markets

Lecture 45 Why Total Revenue Curve of a price taking firm is an Upward Sloping Straight Lin

Lecture 46 What is the relation between Market Price, AR and MR of Price taking firm?

Lecture 47 What is Market Equilibrium?

Lecture 48 When do we say there is excess demand for commodity?

Lecture 49 When do we say there is excess SUPPLY for commodity?

Lecture 50 What will happen if Market Price greater or less than Equilibrium Price?

Lecture 51 How price is determined in a perfectly competitive market?

Lecture 52 How equilibrium price and quanity affected due to change in Income?

Lecture 53 How increase in price of shoe affect sales of socks?

Lecture 54 How change in price of coffee affects sales of tea?

Lecture 55 How change in price of inputs affect equilibrium?

Lecture 56 Effect of Rightward shift in Demand and Supply Curve on Equilibrium Price and Qu

Section 9: Perfect Competition

Lecture 57 Prefect Competion Pure Competition

Lecture 58 why firms in Perfect Competion are Price taker?

Lecture 59 Effect on equilibrium Price

Section 10: Monopoly Market

Lecture 60 what is Monopoly

Lecture 61 Feratures of Monopoly

Lecture 62 Different ways of Creating monopoly

Lecture 63 Monopolistic Competition & its Features

Section 11: Budget and Budget Line

Lecture 64 Budget Set and Budget line

Lecture 65 How to draw Budget line

Section 12: Elasticity of Demand

Lecture 66 Price Elasticity of Demand

Lecture 67 Impact on Demand for Change in Price

Lecture 68 Determinants of Price Elasticity of Demand

Lecture 69 Different type of Price Elasticity of Demand

Lecture 70 Total Expenditure Method

Lecture 71 Geometric or Point Method

Lecture 72 Percentage or Proportionate Method

Section 13: Cost and Revenue

Lecture 73 Cost and Cost function

Lecture 74 Money cost and Real Cost

Lecture 75 Opportunity Cost, accounting & Economic Cost

Lecture 76 Private Cost Social cost

Lecture 77 Fixed cost and variable Cost

Lecture 78 Short run Average Cost Curve

Lecture 79 Marginal Cost

Section 14: FINAL SECTION

Lecture 80 Bonus Lecture

Finance and Accounting Professionals ,CA / CS / CMA / B.Com., /M.Com Students