Basics of Economics A Complete Study
Instructor: CA N Raja
Validity Period: 10000 days
Welcome to course on "Basics of Economics A Complete Study"
Finance, Accountancy and Economics are three different business subjects but with inter dependence, similarities and of course distinct differences.
If one has to excel in any of the above one domain (Finance / Accountancy / Economics) he should have strong understanding of main domain and basic understanding of other two domains.
Hence, this course will provide basic knowledge on Economics for Finance and Accounting Professionals.
So, what is Economics is all about?
Its about making choices.
Its not just about money.
It is about weighing different choices or alternatives.
So, there are variety of modern definitions for economics. Some of the differences may reflect evolving views of the subject or different views among economists
By studying Economics, you will understand two fundamental facts;
a) Human beings have unlimited wants; and
b) The means of satisfying these wants are relatively scarce
and the above form the subject matter.
By taking this course, you will learn
i) What is Economics
ii) Definition and Scope of Economics
iii) Nature of Economics
iv) Methods of Study of Economics
v) Economic Problems
vi) Theory of Demand
vii) Law of Demand
viii) Expansion and Contraction of Demand
ix) Demand Curve
x) Elasticity of Demand
Based on students engagement level, further courses will be added on the topics like
Theory of Production and Cost, Price Determination in Different Markets, etc.
This course is structured in self paced learning style.
You will experience virtual class room with black / green board writing and lectures with supporting lectures.
Take this course to understand the basics of Economics.
|Chapter 1- Introduction to Economics|
|Wealth and Welfare Definition of Economics|
|Economics Scarcity Definition|
|Economics Growth Definition|
|Chapter 2- Economics Classification|
|Chapter 3- Economic Analysis and Laws|
|Methods of Economic Analysis|
|Charecteristics of Wants Part 1|
|Charecteristics of Want Part 2|
|Classification of Wants|
|Significance of Classification of Want|
|Utility - Total Utility and Marginal Utility|
|Law of Diminishing Marginal Utility (DMU)|
|Importance of Law of DMU|
|Criticism of Law of DMU|
|Law of Equi Marginal Utility|
|20 Limitations of Law of EMU|
|Chapter 4- Demand and Supply|
|What is Demand?|
|Law of Demand|
|Demand Schedule & Demand Curve|
|Individual Demand and Market Demand Schedule|
|Market Demand Curve|
|Exceptions to law of Demand|
|Extension and Contraction of Demand|
|Shifts in Demand (Increase / Decrease in Demand)|
|Factors determining Demand|
|Introduction to Elasticity of Demand|
|Price Elasticity of Demand|
|Chapter 5- Introduction to Business Economics|
|Economic Theory and Business Practices|
|Chapter 6- Decision Making Process in Business|
|Decision Making in Business|
|Fundamental concepts in Decison Making followed by Incremental Concept|
|Incremental and Marginal Concepts|
|Chapter 7- Price determination in different markets|
|Classification of Markets|
|Types of Market Struture|
|Total Revenure, Average Revenue and Marginal Revenue|
|Determination of Prices in Open Market|
|Increase in Demand and new Equilibrium Point|
|Decrease in Demand and new Equilibrium Point|
|Features of Perfect Market|
|Price determination in perfect market|
|Chapter 8- Why, What, How, When of Price Determinations in Different Markets|
|Why Total Revenue Curve of a price taking firm is an Upward Sloping Straight Lin|
|What is the relation between Market Price, AR and MR of Price taking firm?|
|What is Market Equilibrium?|
|When do we say there is excess demand for commodity?|
|When do we say there is excess SUPPLY for commodity?|
|What will happen if Market Price greater or less than Equilibrium Price?|
|How price is determined in a perfectly competitive market?|
|How equilibrium price and quanity affected due to change in Income?|
|How increase in price of shoe affect sales of socks?|
|How change in price of coffee affects sales of tea?|
|How change in price of inputs affect equilibrium?|
|Effect of Rightward shift in Demand and Supply Curve on Equilibrium Price and Qu|
|Chapter 9 - Perfect Competition|
|Prefect Competion Pure Competition|
|why firms in Perfect Competion are Price taker?|
|Effect on equilibrium Price|
|Chapter 10- Monopoly Market|
|what is Monopoly|
|Feratures of Monopoly|
|Different ways of Creating monopoly|
|Monopolistic Competition & its Features|
|Chapter 11- Budget and Budget Line|
|Budget Set and Budget line|
|How to draw Budget line|
|Chapter 12- Elasticity of Demand|
|Price Elasticity of Demand|
|Impact on Demand for Change in Price|
|Determinants of Price Elasticity of Demand|
|Different type of Price Elasticity of Demand|
|Total Expenditure Method|
|Geometric or Point Method|
|Percentage or Proportionate Method|
|Chapter 13- Cost and Revenue|
|Cost and Cost function|
|Money cost and Real Cost|
|Opportunity Cost, accounting & Economic Cost|
|Private Cost Social cost|
|Short run Average Cost Curve|
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