Understanding Economics Concepts In One Hour

This introductory course primarily covers the core and fundamental aspects of microeconomics and macroeconomics. The goal of this course is to make students understand the key economic concepts, theories, and principles and how they relate to the world they live in. The emphasis is laid on building students critical thinking and analytical abilities in microeconomics and macroeconomics. The central focus of this course is how and why markets (one important mechanism for allocating scarce resources) operate, and why markets and pricing principles are fundamental in tradeoff and choice questions. Besides, how the key economic decisions are made by households and firms are discussed and exemplified. Production, costs, and market structures are analyzed at firm level. Key macro-economic issues such as output, income, and employment are discussed and their impact on inflation and other macroeconomic indicators are examined. Introduction to economics - Basic concepts of Economics - Understanding the philosophy o of economics - Nature of economics: Is economics a science or an art? - Definitional pluralities and distinctions such as micro-versus macro, theories versus models - A brief history of ideas in economics - Techniques of economic analysis: theories, models and toolsDemand, supply, and market equilibrium - Demand and supply applications - Consumer surplus and producer’s surplus - Market efficiency and their applications - Elasticity: its various forms and estimation methods, elasticity, and total revenue - Elasticity applications in the field of energy and environment - Utility, Preferences and Choice - Budget constraints, determination of optimal choices using indifference curve analysis and its applications - Behavioral economics as an alternative framework of consumer choiceProduction and Cost - Production Theory - Production function and different forms - Short-run and long-run production function, Isoquants, MRTS - Total,