About the Economics Course

Course Description

This course provides an exhaustive insight into the workings of markets, their effectiveness, and their downfalls. By adopting an economist's perspective, students will gain a deeper understanding of significant economic issues through a combination of visual argumentation and relatable examples.

What Students Will Learn

• Basic and practical tools of analysis in economics
• Understanding models including perfect competition and its components
• The significance and use of elasticities in real-world situations
• Implications of taxes, subsidies, and governmental interventions
• Comprehensive exploration of market failures such as market power, asymmetric information, externalities, and public goods

Prerequisites or Skills Necessary

• Adequate understanding of high school algebra
• Familiarity with basic concepts of mathematics
• Ability to comprehend and interpret graphs

Course Coverage

• Analysis tools specific to economics
• Deep dive into the model of perfect competition
• Study and application of elasticities
• Effects of various economic policies including taxes and subsidies
• Analyzing the reasons behind market failures and possible solutions

Who is This Course For?

This course is designed for individuals looking to enhance their understanding of economics whether for academic, professional, or personal reasons. Particularly beneficial for students, economic enthusiasts, and professionals in policy-making and business sectors.

Real-World Application of Skills

Skills acquired from this course can be applied in various economic decision-making processes, critically analyzing economic policies, making financially informed decisions, and understanding broader macroeconomic and microeconomic concepts impact on daily life and society.

Syllabus

• Week 1: Introduction to basic economic concepts and international trade models.
• Week 2: Understanding market dynamics, demand analysis, and consumer behavior.
• Week 3: Exploration of supply constraints, cost structures, and elasticity metrics.
• Week 4: Analyzing market equilibrium, welfare impacts, and the practical application of theoretical models.
• Week 5: Detailed study of government interventions in market processes.
• Week 6: Investigation of various market failures including monopoly power and information asymmetries.
• Week 7: Examination of externalities and public goods, with strategies for mitigation and management.