"Explore Economics basics , Master Scarcity, Opportunity Cost, Factors of production and the infamous PPC
What you'll learn
you will have a strong foundation on the four basic fundamentals of economics which includes scarcity , factors of production , opportunity cost and ppf
you will grasp the idea of illustrating these concept on a ppc graph
you will have profound understanding on how these concepts are vital for consumers, businesses and the government
you will be learning new vocabulary along the way to be used in future economics topics with the help of a glossary under this course
you will be looking at real past paper questions on each topics mentioned for a practice on how to attempt them with sheer efficiency
you will be guaranteed a end topic quiz to test your knowledge and take it as a chance to see for yourself to progress to the next module yet or no
Requirements
the passion and commitment to learn something new
it is not vital to have an economics background
curiosity on why economies work like they do
strong wifi connection is a must
Description
Are you curious about how economic decisions shape our world? Do you want to understand the fundamental concepts that drive economies, businesses, and personal financial choices? Welcome to Economics Fundamentals : Mastering the Four Essentials where you'll gain a solid understanding of basic economic principles and how they apply to real-life situations.What You'll Learn:- Introduction to Economics: We'll start with the basics, breaking down what economics is and why it's important to understand both microeconomics and macroeconomics. Whether you're new to the subject or looking to refresh your knowledge, this section will lay the foundation for the rest of the course.- The Basic Economic Problem - Scarcity: Understand the concept of scarcity and how it impacts economic decision-making. Learn the difference between needs and wants and explore the crucial role scarcity plays in our daily choices.- Factors of Production: Delve into the four essential factors of production—land, labour, capital, and enterprise. We'll discuss their economic significance, mobility, along with how to increase each resources quantity and quality - Opportunity Cost: Grasp the concept of opportunity cost and how it influences decision-making. You'll learn to distinguish between economic and free goods and understand the significance of opportunity cost in economics.- Production Possibility Curve (PPC): Discover how the PPC illustrates opportunity costs, efficiency, and economic growth. We'll explore production points, shifts, and movements along the curve, lastly looking at the difference between Why Enroll in This Course?- Practical Knowledge: Whether you're a student, a professional, or simply someone interested in understanding the economic forces that shape our world, this course offers valuable insights into how economies work.- Comprehensive Coverage: Our course covers a wide range of fundamental topics, from the basics of scarcity and factors of production to more complex ideas like opportunity cost and the production possibility curve.- Easy to Understand: We've designed the course with clarity in mind, breaking down complex ideas into simple, relatable concepts that you can apply to your personal and professional life.- Real-World Examples: Economics isn't just about theory—it's about understanding the world around you. This course provides practical examples and scenarios that make the concepts come alive.Who Should Take This Course?- Students: If you're studying economics, preparing for exams or looking for a quick last minute revision, this course will provide you with a solid foundation.- Professionals: Looking to gain a better understanding of how economic principles affect your industry or business? This course will equip you with the knowledge you need to make informed decisions.- Lifelong Learners: If you're curious about how the economy works and want to deepen your understanding of everyday economic concepts, this course is perfect for you.Course Structure:The course is divided into easy-to-follow modules that take you step by step through the world of economics. Each module is designed to build on the previous one, ensuring that by the end of the course, you have a clear and comprehensive understanding of the subject.- Module 1 : The Basic Economic Problem - Scarcity- Module 2 : Factors of Production (Land, Labour, Capital, and Enterprise)- Module 3 : Opportunity Cost- Module 4 : Production Possibility Curve (PPC)Conclusion and Final Assessment:As we wrap up the course, we'll recap the key concepts to reinforce your understanding of the main topics covered. To solidify your knowledge, you'll also have the opportunity to take a comprehensive final assessment that includes past paper questions, ensuring you're well-prepared for any challenges ahead. Additionally, a glossary of terms will be provided for quick reference and to help you master the essential economic vocabulary.Enroll Now and Start Your Journey into the World of Economics!Join Elsa in this comprehensive course that breaks down essential economic concepts into digestible and engaging lessons. By the end of this course, you'll have a strong grasp of how economics shapes the world around us, equipping you with the knowledge to navigate personal, professional, and academic challenges with confidence.
Overview
Section 1: "Introduction"
Lecture 1 welcome to the fundamental economic concepts course
Lecture 2 Importance of understanding basic economic concepts
Section 2: What is economics ?
Lecture 3 Microeconomics and Macroeconomics
Section 3: Module 1: The Basic Economic Problem - Scarcity
Lecture 4 • Need vs wants
Lecture 5 Unlimited wants vs. limited resources.
Lecture 6 The role of scarcity in economic decision-making.
Section 4: Module 2: Factors of Production
Lecture 7 Definition and payments of factors of production
Lecture 8 LAND :Natural resources and their economic significance
Lecture 9 LAND : Mobility
Lecture 10 LAND: Quantity and quality
Lecture 11 LABOUR: Human resources and workforce skills.
Lecture 12 LABOUR : Mobility of labour
Lecture 13 LABOUR : Quantity of labour
Lecture 14 LABOUR : Quality
Lecture 15 CAPITAL : Capital vs consumer goods
Lecture 16 CAPITAL : Mobility
Lecture 17 CAPITAL : Quantity and Quality
Lecture 18 ENTERPRISE : The importance of entrepreneurs in the economy.
Lecture 19 ENTERPRISE : Mobility /Quantity and quality
Section 5: Module 3: Opportunity Cost
Lecture 20 Definition and significance of opportunity cost
Lecture 21 Influence of opportunity cost on decision making
Lecture 22 Economic good vs free good
Section 6: Module 4: Production Possibility Curve (PPC)
Lecture 23 Introduction to the PPC : Definition and purpose of the PPC.
Lecture 24 Introduction to the PPC : Production points
Lecture 25 Introduction to the PPC : Increasing and constant opportunity cost
Lecture 26 Shifts and Movements along the PPC : movement vs shifts
Lecture 27 Shifts and Movements along the PPC : factors causing shifts
Lecture 28 Understanding productive and allocative efficiency
Lecture 29 The role of the PPC in illustrating actual and potential economic growth
Section 7: Summary of the main topics covered in the course
Lecture 30 Summary of the main topics covered in the course
Section 8: Comprehensive past paper questions to test understanding and Glossary
Lecture 31 Glossary
Section 9: Course Wrap-Up and Congratulations
Lecture 32 Celebratory message acknowledging the completion of the course
IB, IGSCE, A Level and AP students,people who need last minute revision on the basics of economics,university students

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