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Learning economics is fun, introduction to basic economics

This app provides Students with developing a basic understanding of economic principles, enabling and encouraging discussion of issues covered by the media. Topics include contrasting macroeconomics and microeconomics; gross domestic product; economic growth and business cycles; unemployment and inflation; aggregate supply and demand; scarcity, opportunity cost, and trade; law of supply and demand; accounting versus economic profit; money and exchange rates; government choice, markets, efficiency, and equity; monopoly and competition; externalities, public goods, and free riders; and globalization and trade policy.

What Is Economics?

Economics is a social science that focuses on the production, distribution, and consumption of goods and services, and analyzes the choices that individuals, businesses, governments, and nations make to allocate resources.

Understanding Economics

Assuming humans have unlimited wants within a world of limited means, economists analyze how resources are allocated for production, distribution, and consumption.

The study of microeconomics focuses on the choices of individuals and businesses, and macroeconomics concentrates on the behavior of the economy as a whole, on an aggregate level.

One of the earliest recorded economists was the 8th-century B.C. Greek farmer and poet Hesiod who wrote that labor, materials, and time needed to be allocated efficiently to overcome scarcity. The publication of Adam Smith's 1776 book, An Inquiry Into the Nature and Causes of the Wealth of Nations sparked the beginning of the current Western contemporary economic theories.

Learning outcomes

Upon successful completion of this course, students should be able to:

Explain the differences between macroeconomics and microeconomics.

Apply the concepts of scarcity, choice and opportunity costs for making smart choices.

Describe how buyers and sellers compete and cooperate in markets in determining prices.

Explain the relationship between supply, demand, and prices in an economy.

Compare and contrast economic and accounting profits.

Describe the important measures of aggregate performance of an economy.

Distinguish between nominal and real economic measures.

Discuss the economic costs of unemployment and inflation.

Discuss the challenges in meeting macroeconomic performance targets.

Explain the roles of money and exchange rates in influencing economic outcomes.

Compare and contrast monopoly, perfect competition and other market structures.

Apply the concept of marginal in economic decision-making.

Apply the concept of externalities to real world issues.

Explain the process of globalization and its implications for trade policy.

Apply basic economic concepts to current events in the media.

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