Economics Training Course

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Course Curriculum

Economics

Module 01: An Introduction to Economics

1. Basic Definitions to Start With
2. Scarcity and Choice
3. Goods and Bads
4. Ceteris Paribus
5. Definition of Economics
6. Factors of Production
7. Categories of Economics
8. Positive and Normative Economics
9. Microeconomics and Macroeconomics
10. Production Possibilities Frontier Framework
11. The Straight-Line PPF
12. The Concave-Downward PPF
13. Law of Increasing Opportunity Costs
14. A Budget Line
15. Attainable and Unattainable Combinations

Module 02: The Market System and the Circular Flow Model

1. The Market System
2. Characteristics of the Market System
3. Private Property
4. Freedom of Enterprise and Choice
5. Self-Interest
6. Competition
7. Markets and Prices
8. Specialisation
9. Use of Money
10. Active, but Limited, Government
11. The “Invisible Hand”
12. The Circular Flow Model
13. Households
14. Businesses
15. Product Market
16. Resource Market

Module 03: Supply, Demand and Prices

1. What Is Demand?
2. The Demand Curve
3. Individual Demand Curve vs Market Demand Curve
4. Factors Causing the Demand Curve to Shift
5. Income
6. Preferences
7. Prices of Related Goods
8. Number of Buyers
9. Expectations of Future Price
10. What Is Supply?
11. The Law of Supply
12. Factors Causing the Supply Curve to Shift
13. Prices of Relevant Resources
14. Technology
15. Prices of Other Goods
16. Number of Sellers
17. Expectations of Future Price
18. Taxes and Subsidies
19. Government Restrictions

Module 04: Prices

1. Two Major Jobs of Price
2. Price as a Rationing Device
3. Price as a Transmitter of Information
4. Price Controls
5. Price Ceiling
6. Price Floor
7. Effects of Price Ceiling
8. Shortages
9. Fewer Exchanges
10. Nonprice-Rationing Devices
11. Buying and Selling at a Prohibited Price
12. Tie-In Sales
13. Effects of a Price Floor
14. Surpluses
15. Fewer Exchanges
16. Absolute Price and Relative Price

Module 05: Elasticity

1. Introduction to Elasticity
2. Price Elasticity of Demand
3. Formula for Calculating Price Elasticity of Demand
4. From Perfectly Elastic to Perfectly Inelastic Demand
5. Elastic Demand
6. Inelastic Demand
7. Unit Elastic Demand
8. Perfectly Elastic Demand
9. Perfectly Inelastic Demand
10. Price Elasticity of Demand and Total Revenue
11. Elastic Demand and Total Revenue
12. Inelastic Demand and Total Revenue
13. Unit Elastic Demand and Total Revenue
14. Determinants of Price Elasticity of Demand
15. Number of Substitutes
16. Necessities Versus Luxuries
17. Percentage of One’s Budget Spent on the Good
18. Time
19. Applications of Price Elasticity of Demand
20. Large Crop Yields
21. Excise Taxes
22. Cross Elasticity of Demand
23. Income Elasticity of Demand
24. Price Elasticity of Supply
25. Price Elasticity of Supply and Time

Module 06: Market Failures

1. Market Failures in Competitive Markets
2. Demand-Side Market Failures
3. Supply-Side Market Failures
4. Efficiently Functioning Markets
5. Public Goods
6. Characteristics of a Public Good
7. The Free Rider Problem
8. Externalities
9. Negative Externalities
10. Positive Externalities
11. Internalising Externalities
12. Persuasion
13. Taxes and Subsidies
14. Assigning Property Rights
15. Voluntary Agreements
16. Asymmetric Information

Module 07: Production and Costs

1. The Market and the Firm
2. Two Sides to Every Business Firm
3. Explicit and Implicit Cost
4. Accounting Profit vs Economic Profit
5. Zero Economic Profit
6. Production
7. Long Run vs Short Run
8. Production in the Short Run
9. Some Economic Cost Concepts
10. Average Productivity
11. Costs of Production: Total, Average, Marginal
12. Sunk Cost
13. Economies of Scale, Diseconomies of Scale and Constant Returns to Scale

Module 08: Market Structure: Perfect Competition vs Monopoly

1. The Theory of Perfect Competition
2. Demand Curve for a Perfectly Competitive Firm
3. Marginal Revenue Curve of a Perfectly Competitive Firm
4. Profit Maximization in the Short Run
5. To Produce or Not to Produce
6. Case 1: Price Is Above Average Total Cost
7. Case 2: Price Is Below Average Variable Cost
8. Case 3: Price Is Below Average Total Cost but Above Average Variable Cost
9. The Theory of Monopoly
10. Barriers to Entry
11. Legal Barriers

Module 09: Money, Banking and the Financial System

1. The Meaning of Money
2. Functions of Money
3. Money as a Medium of Exchange
4. Money as a Unit of Account
5. Money as a Store of Value
6. Defining the Money Supply
7. M1
8. M2
9. What About Credit Cards?
10. Commercial Banks
11. Functions of Commercial Banks
12. Central Bank
13. Functions of a Central Bank
14. The Bank’s Balance Sheet
15. The Financial System
16. Direct and Indirect Finance

Module 10: Measuring GDP and Economic Growth

1. GDP Defined
2. Market Value
3. Final Goods and Services
4. Produced Within a Country
5. In a Given Time Period
6. The Circular Flow of Expenditure and Income Revisited
7. GDP Equals Expenditure Equals Income
8. Measuring UK GDP
9. The Expenditure Approach
10. The Income Approach
11. Nominal GDP and Real GDP

Module 11: Unemployment

1. Why Unemployment Is a Problem
2. Lost Incomes and Production
3. Lost Human Capital
4. Who Are the Unemployed?
5. Three Labour Market Indicators
6. The Unemployment Rate
7. The Employment Rate
8. The Economic Activity Rate
9. Frictional Unemployment
10. Structural Unemployment
11. Natural Unemployment

Module 12: Inflation

1. The Price Level
2. Why Inflation and Deflation Are Problems?
3. Redistributes Income
4. Redistributes Wealth
5. Computing the Price Level
6. Reading the CPI Numbers
7. Constructing the CPI
8. Selecting and Updating the Basket
9. The Monthly Price Survey
10. Calculating the CPI
11. Measuring the Inflation Rate
12. The GDP Deflator

Module 13: Income Distribution and Poverty

1. Economic Inequality
2. Measuring Income Equality
3. The Lorenz Curve
4. The Gini Coefficient
5. Factors Contributing to Income Inequality
6. Poverty

Module 14: International Finance

1. The Foreign Exchange Market
2. Appreciation and Depreciation of Exchange Rates
3. The Demand for, and Supply of, Currencies
4. Demand in the Foreign Exchange Market
5. Demand Curve for Pounds Sterling
6. Supply in the Foreign Exchange Market
7. Supply Curve of Pounds Sterling
8. Market Equilibrium
9. Flexible vs Fixed Exchange Rates
10. The Current System

Module 15: Fiscal Policy

1. Meaning of Budget
2. Sources of Government Expenditures and Revenue
3. Income Tax Structures
4. Budget Deficit, Surplus, or Balance
5. Valued-Added Tax
6. Aggregate Demand
7. The Aggregate Demand Curve
8. Changes in Aggregate Demand
9. Shifts of the Aggregate Demand Curve
10. Aggregate Supply
11. Short-Run Aggregate Supply
12. Short-Run Aggregate Supply Curve
13. Long-Run Aggregate Supply
14. Long-Run Aggregate Supply Curve
15. Changes in Aggregate Supply

This Economics Training Course can be taken by anyone who wants to understand more about the topic. With the aid of this course, you will be able to grasp the fundamental knowledge and ideas. Additionally, this Economics Training Course is ideal for:

• People who want to start learning economics from scratch.
• People who want to pursue a career in the relevant field.
• People who want to take their present careers further.
• People from other academic disciplines who want to research economics.
• The ones who are looking to start a business or ways to manage their economic assets.

Learners do not require any prior qualifications to enrol on this Economics Training Course. You just need to have an interest in Economics Training Course.

After completing this Economics Training Course you will have a variety of careers to choose from. The following job sectors of Economics Training Course are:

• Economic development
• Economist
• Investment analysis
• Economist
• Insurance risk surveyor

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