Economics

Principles of Economics

K89ESH9S · 34 modules

This comprehensive course introduces the foundational principles of microeconomics and macroeconomics, guiding learners from the basic problem of scarcity through the intricacies of market structures, labor and financial markets, and government policy, before turning to the broader forces shaping national and global economies. Students will explore how individuals, firms, and governments make choices under conditions of scarcity, how markets coordinate these choices through prices, and how policy interventions address market failures such as externalities, inequality, and imperfect information. The second half of the course shifts to the macroeconomic perspective, examining growth, unemployment, inflation, money and banking, fiscal and monetary policy, and the international dimensions of trade and capital flows. Throughout, students will engage with real-world data, current events, and policy debates, building the analytical toolkit needed to interpret economic news, evaluate policy proposals, and make informed personal and civic decisions. By the end of the course, learners will be equipped to think like economists: analyzing trade-offs, interpreting supply and demand dynamics, evaluating market structures, and assessing macroeconomic policy choices in a global context. This course is designed to serve as a complete, self-contained replacement for a traditional introductory economics textbook.

Prerequisites

No formal prerequisites. Basic proficiency in algebra and reading graphs/charts is recommended. No prior economics coursework is required.

Module Outline

34 modules

Welcome to Economics!
Introduces the discipline of economics, its core questions, methodology, and why studying economics matters for understanding the world.
Choice in a World of Scarcity
Explores opportunity cost, marginal decision-making, production possibilities, and the fundamentals of trade and specialization.
Demand and Supply
Develops the core model of demand and supply, market equilibrium, and the effects of shifts in market conditions on price and quantity.
Labor and Financial Markets
Applies the supply and demand framework to labor markets and financial (capital) markets to explain wages, employment, and interest rates.
Elasticity
Covers price, income, and cross-price elasticity of demand and supply, and their applications to real-world pricing and policy decisions.
Consumer Choices
Examines utility theory, marginal utility, and how consumers make decisions to maximize satisfaction given budget constraints.
Production, Costs, and Industry Structure
Analyzes firm production functions, cost curves, and the relationship between costs and industry structure in the short and long run.
Perfect Competition
Explores firm and market behavior under perfect competition, including profit maximization, entry/exit, and long-run equilibrium.
Monopoly
Analyzes how monopolists set price and output, the welfare effects of monopoly power, and barriers to entry.
Monopolistic Competition and Oligopoly
Examines market structures between perfect competition and monopoly, including product differentiation, strategic behavior, and game theory basics.
Monopoly and Antitrust Policy
Explores government regulation of market power, antitrust law, and policy tools used to promote competition.
Environmental Protection and Negative Externalities
Analyzes negative externalities such as pollution and evaluates policy tools including taxes, regulations, and cap-and-trade systems.
Positive Externalities and Public Goods
Examines positive externalities, the free-rider problem, and the economic rationale for public provision of goods like education and infrastructure.
Labor Markets and Income
Explores how wages are determined, the role of unions, discrimination, and factors affecting labor income across different groups.
Poverty and Economic Inequality
Examines measures of poverty and inequality, their causes, and policy approaches to addressing economic disparity.
Information, Risk, and Insurance
Covers asymmetric information, adverse selection, moral hazard, and the economics of insurance markets.
Financial Markets
Introduces the role of financial markets in allocating capital, including stocks, bonds, and the relationship between risk and return.
Public Economy
Explores the role of government in the economy, public choice theory, voting mechanisms, and provision of public services.
The Macroeconomic Perspective
Introduces macroeconomic goals and measures, including GDP, and how economists track the overall performance of an economy.
Economic Growth
Examines the sources of long-run economic growth, productivity, and factors that explain differences in growth across countries.
Unemployment
Analyzes types of unemployment, how it is measured, and the economic and social costs of joblessness.
Inflation
Explores the causes and consequences of inflation, how it is measured, and its effects on households and the economy.
International Trade and Capital Flows
Introduces balance of trade, capital flows, and their relationship to national economic performance.
The Aggregate Demand/Aggregate Supply Model
Develops the AD/AS model to explain short-run economic fluctuations and long-run macroeconomic equilibrium.
The Keynesian Perspective
Explores the Keynesian model of aggregate demand, sticky wages/prices, and the rationale for active government intervention.
The Neoclassical Perspective
Examines the Neoclassical view emphasizing flexible prices, long-run equilibrium, and limits to government intervention.
Money and Banking
Introduces the functions of money, the banking system, and how banks create money through the lending process.
Monetary Policy and Bank Regulation
Explores central bank tools for managing the money supply and interest rates, and the regulatory framework for banking stability.
Exchange Rates and International Capital Flows
Examines how exchange rates are determined and how international capital flows affect exchange rates and domestic economies.
Government Budgets and Fiscal Policy
Explores government taxation and spending decisions and how fiscal policy is used to influence economic activity.
The Impacts of Government Borrowing
Analyzes budget deficits, national debt, and the economic consequences of government borrowing over time.
Macroeconomic Policy Around the World
Compares macroeconomic policy approaches and challenges across different countries and economic systems.
International Trade
Explores the theory of comparative advantage, gains from trade, and the effects of tariffs and trade barriers.
Globalization and Protectionism: An Integrated Policy Capstone
A capstone module in which students synthesize microeconomic and macroeconomic principles to analyze a novel, complex global trade policy scenario, weighing trade-offs between growth, equity, and national interests.

Economics

Principles of Economics

K89ESH9S · 34 modules

Prerequisites

No formal prerequisites. Basic proficiency in algebra and reading graphs/charts is recommended. No prior economics coursework is required.

Module Outline

34 modules

Welcome to Economics!
Introduces the discipline of economics, its core questions, methodology, and why studying economics matters for understanding the world.
Choice in a World of Scarcity
Explores opportunity cost, marginal decision-making, production possibilities, and the fundamentals of trade and specialization.
Demand and Supply
Develops the core model of demand and supply, market equilibrium, and the effects of shifts in market conditions on price and quantity.
Labor and Financial Markets
Applies the supply and demand framework to labor markets and financial (capital) markets to explain wages, employment, and interest rates.
Elasticity
Covers price, income, and cross-price elasticity of demand and supply, and their applications to real-world pricing and policy decisions.
Consumer Choices
Examines utility theory, marginal utility, and how consumers make decisions to maximize satisfaction given budget constraints.
Production, Costs, and Industry Structure
Analyzes firm production functions, cost curves, and the relationship between costs and industry structure in the short and long run.
Perfect Competition
Explores firm and market behavior under perfect competition, including profit maximization, entry/exit, and long-run equilibrium.
Monopoly
Analyzes how monopolists set price and output, the welfare effects of monopoly power, and barriers to entry.
Monopolistic Competition and Oligopoly
Examines market structures between perfect competition and monopoly, including product differentiation, strategic behavior, and game theory basics.
Monopoly and Antitrust Policy
Explores government regulation of market power, antitrust law, and policy tools used to promote competition.
Environmental Protection and Negative Externalities
Analyzes negative externalities such as pollution and evaluates policy tools including taxes, regulations, and cap-and-trade systems.
Positive Externalities and Public Goods
Examines positive externalities, the free-rider problem, and the economic rationale for public provision of goods like education and infrastructure.
Labor Markets and Income
Explores how wages are determined, the role of unions, discrimination, and factors affecting labor income across different groups.
Poverty and Economic Inequality
Examines measures of poverty and inequality, their causes, and policy approaches to addressing economic disparity.
Information, Risk, and Insurance
Covers asymmetric information, adverse selection, moral hazard, and the economics of insurance markets.
Financial Markets
Introduces the role of financial markets in allocating capital, including stocks, bonds, and the relationship between risk and return.
Public Economy
Explores the role of government in the economy, public choice theory, voting mechanisms, and provision of public services.
The Macroeconomic Perspective
Introduces macroeconomic goals and measures, including GDP, and how economists track the overall performance of an economy.
Economic Growth
Examines the sources of long-run economic growth, productivity, and factors that explain differences in growth across countries.
Unemployment
Analyzes types of unemployment, how it is measured, and the economic and social costs of joblessness.
Inflation
Explores the causes and consequences of inflation, how it is measured, and its effects on households and the economy.
International Trade and Capital Flows
Introduces balance of trade, capital flows, and their relationship to national economic performance.
The Aggregate Demand/Aggregate Supply Model
Develops the AD/AS model to explain short-run economic fluctuations and long-run macroeconomic equilibrium.
The Keynesian Perspective
Explores the Keynesian model of aggregate demand, sticky wages/prices, and the rationale for active government intervention.
The Neoclassical Perspective
Examines the Neoclassical view emphasizing flexible prices, long-run equilibrium, and limits to government intervention.
Money and Banking
Introduces the functions of money, the banking system, and how banks create money through the lending process.
Monetary Policy and Bank Regulation
Explores central bank tools for managing the money supply and interest rates, and the regulatory framework for banking stability.
Exchange Rates and International Capital Flows
Examines how exchange rates are determined and how international capital flows affect exchange rates and domestic economies.
Government Budgets and Fiscal Policy
Explores government taxation and spending decisions and how fiscal policy is used to influence economic activity.
The Impacts of Government Borrowing
Analyzes budget deficits, national debt, and the economic consequences of government borrowing over time.
Macroeconomic Policy Around the World
Compares macroeconomic policy approaches and challenges across different countries and economic systems.
International Trade
Explores the theory of comparative advantage, gains from trade, and the effects of tariffs and trade barriers.
Globalization and Protectionism: An Integrated Policy Capstone
A capstone module in which students synthesize microeconomic and macroeconomic principles to analyze a novel, complex global trade policy scenario, weighing trade-offs between growth, equity, and national interests.