COURSE OVERVIEW
This "Principles of Economics" video course covers all of the contente students need to successfully gain a deep understanding of Economics at grade 10, 11 or 12. Students will gain critical thinking skills that will help them question economic events happening in their national economies as well as globally. The course will enrich their understanding of a broad array of economic concepts as well as prepare them for further studies in Economics at university.
This course contains:
- 68 VIDEO LESSONS (Over 25 hours of recorded lessons)
- 68 PRACTICE EXERCISES
- 68 PRACTICE EXERCISE SOLUTIONS (written)
- 68 PRACTICE EXERCISE EXPLANATIONS (video; I review each answer step by step and provide clarity where needed)
- 68 MULTIPLE CHOICE ONLINE QUIZZES
- 68 ANSWER KEYS TO THE MULTIPLE CHOCE QUESTIONS
- OVER 30 Word, PDF & PPT SUMMARY NOTES
- 1 OVERALL COURSE SUMMARY
- 1 FINAL EXAM - PDF VERSION
- 1 FINAL EXAM MARK SCHEME
- 1 FINAL EXAM VIDEO GUIDELINE
COURSE GOALS
Upon completion of this course, you wil gain lifelong skills including:
- developing an understanding of basic economic concepts, terminology and principles
- ability to understand their relevance to us as economic agents
- ability to apply the tools of economic analysis
- ability to distinguish between facts and value judgements in economic issues
- ability to use mathematical and economic models to develop your understanding of real world issues
- ability t to develop logical and coherent arguments when discussing economic issues.
- ability to distinguish between the two main branches of Economics: Microeconomics and Macroeconomics
- developing an understanding of microeconomic and macroeconomic concepts and theories and their real world application
- developing an appreciation of the impact on individuals and societies of economic interactions between nations
- developing empathy and sensitivity towards disadvantaged groups such as the poor and unemployed
- developing an awareness of development issues facing nations as the undergo the process of change
- ability to take a greater part in decision-making processes in every day life
- developing a desire to study and understand human decisions and the nature of their relationships
- acquiring an excellent foundation for advanced study in economics.
TARGET AUDIENCE
This video-course is intended for 11th and 12th grade students who would like to strengthen their conceptual understanding of Economics in preparation for university studies.
COURSE REQUIREMENTS
The first section of this course covers a wide variety of basic economic concepts and ideas, laying a solid foundation for the study of the other four sections. Students do not need to have covered an Economics course in advance of this course as it has been simplified to benefit beginners and those who might have covered an Economics course before.
UNIT 1: FOUNDATIONS OF ECONOMICS- The section contains key concepts and themes that will be revisited throughout the course as well as establishing the rationale for the classification of Economics as a social science.
1. Introduction to Economics
2. Microeconomics vs Macroeconomics
3. Model-building in Economics
4. Positive vs Normative Economics
5. Basic Organizations & Economic Institutions
6. The Basic Economic Problem
7. Factor Markets: Factors of Production
8. Product Markets: Types of Goods
9. Opportunity Cost and The Production Possibilities Curve
10. Key Themes in Economics & Why Economists Disagree
11. What Questions Do Economic Systems Seek to Answer?
12. Economic Systems & Decision-Making
13. Free Market Economic System
14. Planned & Mixed Economic Systems
UNIT 2: MICROECONOMICS- deals with decisions made by individual economic agents such as consumers (buyers) and producers (sellers).
15. Competitive Markets & Demand
16. Movements Along the Demand Curve
17. The Determinants of Demand
18. Elasticity of Demand
19. The Supply Curve & Determinants of Supply
20. Price Elasticity of Supply (PES)
21. Price-Reaching an Equilibrium
22. Linear Demand & Supply Functions
23. Efficiency in the Market
24. Market Failure: Negative Externalities
25. Market Failure: Positive Externalities
UNIT 3: BUSINESS ECONOMICS- builds up on the concepts introduced in unit 2 by examining the different types of business organisations, how they set and achieve their objectives and how they compete with each other.
26. Basic Private Sector Organizations
27. Limited Companies
28. Multinational Corporations
29. The Size and Growth of Firms
30. Production Costs in the Short & Long Run
31. Revenues, Profits & Goal of Firms
32. Market Structures: Perfect Competition & Monopoly
33. Market Structures: Oligopoly & Monopolistic Competition
34. Employment & Wages
35. Wage Differentials & Government Intervention in the Labour Market
36. Money & Finance
37. Banking & The Financial Institutions
38. Consumer Behaviour
UNIT 4: MACROECONOMICS- examines the second branch of the subject which concerns itself with decisions involving larger sections of the national and international economy.
39. The Macro-economy & Government Objectives
40. Measuring National Income: Aggregate Demand
41. The Business (Trade) Cycle
42. Aggregate Supply
43. Macroeconomic Equilibrium
44. Macroeconomic Objectives & Economic Growth
45. Unemployment: Measuring & Causes of Unemployment
46. Unemployment: Consequences of & Measure to Reduce Unemployment
47. Inflation: The Consumer Price Index & Causes of Inflation
48. Inflation: The consequences of & Measures Used to Control Inflation
49. Equitable Distribution of Income: Meaning & Measurement
50. Equitable Distribution of Income: Impact & Policies to Achieve Equity
51. Macroeconomic Policies: Fiscal Policy
52. Macroeconomic Policies: Monetary Policy
53. Macroeconomic Policies: Supply-Side Policies
UNIT 5: INTERNATIONAL TRADE & DEVELOPMENT ECONOMICS- combines concepts from the previous four sections to discuss global economic challenges such as the need to protect trade from imports, economic development (and the lack of it) as well as strategies used to achieve economic development in LEDCs.
54. The World Trade Organization & Benefits of Trade
55. Restrictions of Free Trade: Trade Protectionsism
56. Free Trade vs Protectionism
57. Exchange rates
58. Economic Integration
59. The Global Population
60. Structure of the Population
61. Economic Development
62. Common Characteristics of Developing Countries
63. Measuring Economic Development
64. Role of Domestic Factors in Economic Development
65. Trade Problems Facing LEDCs
66. Trade Strategies for Economic Growth & Development
67. Global Economic Challenges – Foreign Aid
68. Global Economic Challenges – Foreign Debt
69. Course Summary
70. Principles of Economics Final Examination