Learn how and why financial conditions keep changing.
Understand factors that cause assets to increase or decrease in value, and costs to change.
Economic laws affect change in financial conditions; and when you know those laws, you have a window into why changes have occurred and what is likely to happen in the future. Whether an individual trying to manage your own household budget; or a business owner or politician managing something far bigger; economics can be critical for making better financial decisions.
Economic knowledge gives you a basis for seeing trouble before it comes and averting that trouble. A knowledge of economics helps you to see opportunities ahead of time, and reacting to their advantage.
Anyone can benefit from a greater financial awareness.
This course is for:
Small-business owners
Business Advisory
Entrepreneurial Business Owner
Product Manager
Business Transition Specialist
Accounting personnel
Commercial Asset Managers
Bookkeepers & Finance Administrators
Stakeholder Managers
Legal Assistants
Budget Planners
Investors - individuals
Economics study can be applied across a broad range of sectors and industries.
Learning economics is pivotal in roles in:
Business Ownership
Strategy & Risk
Investments
Project Management
Policymaking
Data Analysis
Business Development
Process Engineering
City Growth
Community Development
Lesson Structure
There are 9 lessons in this course:
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Scope and Nature of Economics
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Economics - A Definition
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Goods
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Services
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Supply & Demand
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Division of Labour
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Branches of Economics
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Microeconomics
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Macroeconomics
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Economic Resources
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Value
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Performance Criteria for An Economy
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Understanding Basic Economic Principles
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Economic Laws
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Introduction
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Capitalist Economies
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Socialist Economic Laws
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Supply and Demand
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Economies of Scale
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Competition
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International Economic Law
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Wants, Needs and Satisfaction
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Scarcity
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Wants and Needs
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Substitutes
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Satisfaction
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Identifying Customer Wants and Needs
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Measuring Satisfaction
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Developing Ideas - Research and Development
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Costs
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Costs - Definition
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Types of Economic Costs
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Opportunity Cost
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Sunk Cost
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Fixed and Variable Costs
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Labour Costs
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Total Cost
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Marginal Cost
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Average Cost
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Cost of Production
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Exchange Rates
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Import and Export Tariffs
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Land Value
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Determining Price and Value
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Value in Economics
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Willingness to Pay
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Economic Value to Customer (EVC)
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Price in Economics
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Profit Maximisation
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Revenue Maximisation
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Gaining Market Share
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Price Discrimination
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Understanding Competition
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Perfect Competition
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Monopolistic Competition
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Uniqueness of a Product or Brand
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Income, Investment, Interest Rates and Profit
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Government, Commercial and International Influence
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Income
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Investment
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Types of Financial Investments
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Interest Rates
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Risk Management
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Government and International Influences
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Factors Affecting the Health of An Economy
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Economic Ownership
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Social and Economic Factors
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Factors Affecting Economics Health Internationally
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The Significance of The Global Economy
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Micro- and Macroeconomics
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Financial Policies
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Monetary Policy
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Fiscal Policy
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Pension Funds
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Trading
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Types of Financial Markets
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Ethics, Justice and Morality in Financial Markets
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Sustainability in Financial Markets
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International Economic Systems
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Economic Systems
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Public Economic System
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Private Economic System
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Traditional Economic System
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Mixed Economies
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Trade Across Country Borders
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Trade Agreements
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The Organisation of Petroleum Exporting Countries
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Problem Based Learning (PBL) Project
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Project Aim
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Learning Outcomes
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Problem Definition
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Discussion Questions
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Team Structure and Mode of Interaction
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Developing a Report
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Writing a Reflective Journal
Each lesson culminates in an assignment which is submitted to the school, marked by the school's tutors and returned to you with any relevant suggestions, comments, and if necessary, extra reading.
Aims
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Discuss the significance of economics today.
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Interpret a variety of important economic laws.
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Differentiate between wants and needs in the context of satisfaction.
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Explain how costs are determined in a variety of economic contexts.
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Determine the relationship between value and price in an economic context.
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Explain wealth with reference to income, investment, profit, and interest rates.
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Explain what influences economic health locally, nationally and internationally.
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Explain and compare different economic systems in different countries.
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Report on a chosen topic which illustrates economic theory and its influences on economic policy.
How the course works:
This is an online course with daily intakes available.
Learning is entirely self-paced and self-directed.
Students work through the lesson notes, complete several tasks to help deepen understanding beyond the course notes, and submit assignments via our secure online learning platform.
You can study where you choose and at times that are most convenient for you. If you have any questions or need assistance, we have a friendly student services team who are always ready to help. Or a tutor will provide further guidance and support - as much or as little as you need.
WHAT IS ECONOMICS?
Economics is a social science. It focuses on the production, distribution and consumption of goods and services. It also analyses the way that people, governments, businesses, countries, and states allocate resources.
There are two branches of economics:
- Microeconomics
- Macroeconomics
Microeconomics
Microeconomics is a branch of economics that looks at the behaviour of decision makers in an economy. Decision makers can be individuals, households, and firms. In economics, “firm” is generally used to refer to any type of business.
Much of microeconomics looks at the Price Mechanism.
In the past, a market would be a physical place where consumers and producers would come together. For example, in a traditional market or shops. Today, consumers and producers do not necessarily have to meet each other. We can buy by post and online. This interaction between consumers and producers creates a price mechanism.
Markets are essential to produce the services and goods that people need, such as clothes, food, or shelter. From early times, communities learned that exchange benefits one another. In the past, this could have been in the form of barter (one gives fish, the other returns bread). Today, it is usually different, and we use cash to tender.
But when we do, how do we know what to charge for our goods and services, and how much we should pay? As we become more remote from our markets, buying, and selling online, it can be harder to determine the price of products to charge. The price mechanism is therefore a process that helps producers determine how much to sell their goods and products for, and for consumers to determine how much they are willing to pay.
Macroeconomics
Macroeconomics studies the economy. Macroeconomics look at the overall economy – governments, businesses, markets and consumers – and how they behave. It does this by looking at the economy, including:
- inflation
- price levels
- rate of economic growth
- national income
- GDP (gross domestic product)
- changes in unemployment levels
The aim is to look at how an economy is performing and use that information to improve performance.
Macroeconomics also aims to answer questions such as:
- What causes inflation or unemployment?
- What creates economic growth?
Macroeconomic research tends to look at two main areas:
1. Long-term economic growth
2. Shorter-term economic growth
By carrying out this research and developing models based on the research, macroeconomists can provide governments and other organisations with information to help construct monetary and fiscal policy. Businesses can also use the models to develop strategies to sell their goods and services.
WHY SHOULD YOU STUDY ECONOMICS
- To better understand money markets and financial institutions
- To make better decisions about handling money - at home or work
- To improve your ability to build wealth
- To make better decisions about buying and selling - not just what, but also when.
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