Basic Concepts of Economics
What you will learn
know and understand economic terminology, concepts and theories
use basic economic numeracy and interpret economic data
use the tools of economic analysis
• express economic ideas logically and clearly in a written form
apply economic understanding to current economic issues.
Description
Cambridge Ordinary level is an international examination. This particular course covers basic concepts of economics subject. This allows you to continue your further educations in economics.
Following are the contents of this small study program
Understanding economics, Concepts and definition
Economics as a social Science
Micro economics and Macro Economics
Positive and normative statements in economics
Understanding the concept of scarcity
Differentiate needs and wants
Understanding factors of productions and benefits for each factor.
Understanding the concept of Opportunity cost
Understanding basic economic problems that every economy faces
What is Production possibility curve and how to represent important economic situations in Production Possibility Curve.
Understanding Primary secondary and tertiary sectors of an economy
This free course for those who are willing to start economics as major.
Students who choose to study economics not only gain the skills needed to understand complex markets but come away with strong analytical and problem-solving skills, as well as the business acumen necessary to succeed in the professional world. In fact, economics can be useful for professionals in all industries, not just in business.
Economics isn’t just learning a fancy set of words, it’s actually using them to develop a viable business strategy. When you understand these terms, you can use theories and frameworks like Porter’s Five Forces and SWOT analyses to assess situations and make a variety of economic decisions for your organization, like whether to pursue a bundled or unbundled pricing model or the best ways to maximize revenues.
Content
Introduction