Course Curriculum:
Module 01
An Introduction to Economics
- Basic Definitions to Start With
- Scarcity and Choice
- Goods and Bads
- Ceteris Paribus
- Definition of Economics
- Factors of Production
- Categories of Economics
- Production Possibilities Frontier Framework
- Law of Increasing Opportunity Costs
- A Budget Line
Module 02
The Market System and the Circular Flow Model
- The Market System
- Characteristics of the Market System
- Private Property
- Freedom of Enterprise and Choice
- Self-Interest
- Competition
- Markets and Prices
- Specialisation
- Use of Money
- Active but Limited Government
- The “Invisible Hand”
- The Circular Flow Model
Module 03
Supply, Demand and Prices
- What Is Demand?
- The Demand Curve
- Individual Demand Curve vs Market Demand Curve
- Factors Causing the Demand Curve to Shift
- What Is Supply?
- The Law of Supply
- Factors Causing the Supply Curve to Shift
- A Change in Supply vs a Change in Quantity Supplied
- A Few Important Terms Related to Supply and Demand
- Equilibrium Price and Quantity
- Equilibrium in Terms of Consumers’ and Producers’ Surplus
Module 04
Prices
- Two Major Jobs of Price
- Price Controls
- Effects of Price Ceiling
- Effects of a Price Floor
- Absolute Price and Relative Price
Module 05
Elasticity
- Price Elasticity of Demand
- The formula for Calculating Price Elasticity of Demand
- From Perfectly Elastic to Perfectly Inelastic Demand
- Price Elasticity of Demand and Total Revenue
- Determinants of Price Elasticity of Demand
- Applications of Price Elasticity of Demand
- Cross Elasticity of Demand
- Income Elasticity of Demand
- Price Elasticity of Supply
- Price Elasticity of Supply and Time
Module 06
Market Failures
- Market Failures in Competitive Markets
- Demand-Side Market Failures
- Supply-Side Market Failures
- Efficiently Functioning Markets
- Public Goods
- Externalities
- Internalising Externalities
- Asymmetric Information
- Government’s Role in the Economy
Module 07
Production and Costs
- The Market and the Firm
- Two Sides to Every Business Firm
- Explicit and Implicit Cost
- Accounting Profit vs Economic Profit
- Zero Economic Profit
- Production
- Long Run vs Short Run
- Production in the Short Run
- Some Economic Cost Concepts
- Average Productivity
- Costs of Production: Total, Average, Marginal
- Sunk Cost
- Economies of Scale, Diseconomies of Scale and Constant Returns to Scale
Module 08
Market Structure: Perfect Competition vs Monopoly
- The Theory of Perfect Competition
- Demand Curve for a Perfectly Competitive Firm
- Marginal Revenue Curve of a Perfectly Competitive Firm
- Profit Maximization in the Short Run
- To Produce or Not to Produce
- The Theory of Monopoly
- Barriers to Entry
- The Monopolist’s Demand and Marginal Revenue
- Perfect Competition vs Monopoly
- Price Discrimination
Module 09
Money, Banking and the Financial System
- The Meaning of Money
- Functions of Money
- Defining the Money Supply
- Commercial Banks
- Central Bank
- The Bank’s Balance Sheet
- The Financial System
Module 10
Measuring GDP and Economic Growth
- GDP Defined
- The Circular Flow of Expenditure and Income Revisited
- GDP Equals Expenditure Equals Income
- Measuring UK GDP
- Nominal GDP and Real GDP
- Computing Real GDP
- Limitations of Real GDP
- Economic Growth
- Calculating Growth Rates
Module 11
Unemployment
- Why Unemployment Is a Problem
- Who Are the Unemployed?
- Three Labour Market Indicators
- Frictional Unemployment
- Structural Unemployment
- Natural Unemployment
Module 12
Inflation
- The Price Level
- Why are Inflation and Deflation are Problems?
- Computing the Price Level
- Measuring the Inflation Rate
- The GDP Deflator
Module 13
Income Distribution and Poverty
- Economic Inequality
- Measuring Income Equality
- Factors Contributing to Income Inequality
- Poverty
Module 14
International Finance
- The Foreign Exchange Market
- Appreciation and Depreciation of Exchange Rates
- The Demand for, and Supply of, Currencies
- Market Equilibrium
- Flexible vs Fixed Exchange Rates
- The Current System
Module 15
Fiscal Policy
- Meaning of Budget
- Income Tax Structures
- Budget Deficit, Surplus, or Balance
- Valued-Added Tax
- Aggregate Demand
- Aggregate Supply
- Some Relevant Fiscal Policy Terms
- Demand-Side Fiscal Policy
- Supply-Side Fiscal Policy
Course Assessment
To simplify the procedure of evaluation and accreditation for learners, we provide an automated assessment system. Upon completion of an online module, you will immediately be given access to a specifically crafted MCQ test. The results will be evaluated instantly, and the score will be displayed for your perusal. For each test, the pass mark will be set to 60%.
When all tests have been successfully passed, you will be able to order a certificate endorsed by the Quality Licence Scheme.
Certificate of Achievement
Endorsed Certificate of Achievement from the Quality Licence Scheme
After successfully completing the Economics at QLS Level 5, learners will get an endorsed certificate (included with the course) delivered right at their doorstep by post, without paying a single penny! Please note that learners residing outside the UK have to pay a £10 postage charge.
Accredited Certification from One Education
After successfully completing the MCQ assessment of this Economics at QLS Level 5, you will also qualify for a CPD Accredited Certificate from One Education, as proof of your continued professional development. Certification is available in PDF format, at the cost of £9, or a hard copy can be sent to you via post, at the cost of £15.
For Additional Courses
For the Quality Licence Scheme endorsed certificates from the additional courses, you have to pay the fees based on the level of each course:
- Level 1 - £39
- Level 2 - £69
- Level 3 - £79
- Level 4 - £89
- Level 5 - £109
- Level 6 - £119
- Level 7 - £129
