Modern Economics Learning Path
Economics is an important topic to understand as economic decisions taken in one country can dramatically affect the economies of other countries around the world. It should be in the interest of everyone to learn how modern economic systems work. The Alison Learning Path in Modern Economics offers you a comprehensive coverage of all topics associated with economics to give you have a thorough understanding of how economics work. You will be able to explain the laws of supply and demand and how the price of a good or service is influenced by supply and demand. You will learn about gross domestic product, monopolies, breakeven point, and various other key words associated with the world of economics. You will also be able to distinguish between fixed cost, variable cost, and marginal cost. This Alison Learning Path will benefit to finance and business professionals who would like to gain a deeper understanding of modern economic concepts and principles, and to anyone who would like to learn more about how the economies of the world are interrelated. The Modern Economics Learning Path will also be of interest to learners who are studying business or economics who would like to boost their knowledge on the topic.
Courses in this Learning Path
Fundamentals of Economics
This course begins by discussing relative scarcity, efficiency and welfare, cost of choice, and economic system. You will learn that human wants for goods and services can never be fully satisfied because the resources, also known as the factors of production or inputs in the production process, are limited. With this course, you will learn that wants are the material desires of individuals and groups of people that stimulate economic activity as producers try to satisfy them.
You will then study economics and employment and look into the causes, types and effects of unemployment. This course will also discuss the demand curve, the supply chain, and market equilibrium. You will learn that market equilibrium occurs where the quantity demanded of a product equals the quantity supplied and there is neither a shortage nor a surplus of the product. You will also study the Lorenz curve, the Gini coefficient, the poverty line, the distribution of income and wealth, and a whole lot more!
Learn the principles involved in economics with this online course. Upon completion, you will understand the inter-related studies of economics such as microeconomics and macroeconomics. You will also be aware of the characteristics of wants and resources, as well as gain a good knowledge of economic activity through investment, government, exports, income, consumers, budgetary action, exchange rates and many other activities. Take this course today and learn more about the fundamentals of economics now!1.5-3 Hour50 Points
Inflation is often expressed as a percentage and indicates a decrease in the purchasing power of a nation's currency. This course will first discuss inflation. You will learn how it acts as a quantitative measure of the rate at which the average price level of selected goods and services in an economy increases over a period of time. You will then look into its opposite, which is deflation. Deflation is the decline in prices for goods and services and happens naturally when the money supply of an economy is fixed.
The Consumer Price Index (CPI) is used to examine the weighted average of prices of a basket of consumer goods and services. This may include transportation, food, and medical care. This course will discuss the CPI index along with Unemployment Rate. You will then study the data on Chinese foreign assets and Chinese - US balance of payments. You will also look into the effects of floating exchange on China and on the USA.
Following the recent global financial crisis, there has been a huge increase in people seeking to learn about how economies and modern economic systems work. By the end of this course, you will understand how economic decisions taken in one country can dramatically affect the economies of other countries around the world. So check out the course today, start gaining a deeper understanding of modern economic concepts and principles, and the interrelationship of global economies.1.5-3 Hour50 Points
Laws of Supply and Demand
This course begins by discussing the law of demand which refers to the quantity of a product or service that is demanded by consumers. You will learn that if the price of a product is raised, it will lower the demanded quantity for that product. You will study the price of related products and demand as well as the changes in income, population, or preferences. You will also look into normal and inferior goods.
You will then look into the law of supply which refers to how much of a product or service the market can offer. You will study the factors affecting supply, market equilibrium which is a state where the supply in the market is equal to the demand, price elasticity of demand, constant unit elasticity, and total revenue and elasticity. This course will also discuss the cross elasticity of demand, the elasticity of supply, and elasticity and strange percent changes.
Supply and demand in a market economy are one of the most fundamental concepts in economics. Upon the completion of this course, you will gain a better understanding of the concept behind supply and demand and learn how supply and demand operate within a market economy. You will also understand how price of a good or service is determined by supply and demand. Check out this course and learn how the price of goods and services is determined.1.5-3 Hour50 Points
Aggregate Supply and Demand
This course will first introduce you to the business cycle, where you will learn that the local economy is constantly expanding and contracting. You will see that this happens because it responds to changes in the global economy, technology, and national and international politics. You will then study the concept of aggregate demand, how it shifts, and how it is modeled. You will also look into aggregate supply, and learn why changes in supply can be slower than changes in demand.
You will then study how demand-pull inflation arises when the aggregate demand curve shifts to the right. You will learn that the productivity measure commonly reported through the media is based on the ratio of GDP to total hours worked in the economy during the measuring period. This course will also talk about the "long run", which is a period of time wherein firms are able to adjust or negotiate all costs associated with the business.
By the end of this course, you will have a much stronger understanding of the aggregate supply curve model and the aggregate demand curve model. These are both crucial tools for understanding the direction and status of a nation's local and global economy. Once you have a stronger grasp of these models and the differences between the short run and long-run supply, you will be much much closer to predicting potential changes and inflation in specific economies. That's an incredible skill, which you can start learning today.1.5-3 Hour50 Points
Introduction to Financial Instruments in Economics
A financial instrument is a tradable asset of any kind and they are a key component of the modern financial market system as they allow for efficient flow of capital through the global financial marketplace. In this course you will learn how financial institutions package and trade mortgage backed securities in financial markets and how collateralized debt obligations function. You will also learn about credit default swaps and interest rate swaps and their role in financial trading. This course will be of great interest to professionals in the areas of finance, investments and economics and who like to learn more about the function and use of financial instruments, and to all learners who are interested in how financial instruments help the global financial marketplace function.1.5-3 Hour50 Points
Inflation in Modern Economies
This course starts off by explaining the meaning of inflation, how it is measured, and how it affects the average person's life. It then shows you data about inflation going up and down during a course of a year. You will learn the exact meaning of deflation and hyperinflation, and how they are used when discussing inflation. You will also cover how inflation comes about from prices rising in response to a fall in the supply of common goods and services.
You will then study the reason why good economies tend to be associated with a moderate level of inflation, along with the strange circumstance where there is inflation and stagnation at the same time. You will also cover how stagflation causes massive inflation in one part of the economy while affecting other parts of the economy differently. Finally, the course will cover the negative effects of higher inflation and you will be given an overview of macroeconomics.
Many of us have, at some point or another, heard our grandparents talk about how a candy bar cost barely anything during their childhood. In the nineteen hundreds, a Hershey's chocolate bar cost just 2 cents. Today, that same chocolate bar costs $1.35. Why the big difference in its price? Inflation. As we can see, inflation impacts even the little things in the average person's daily life. Check out this course and learn more about inflation now.1.5-3 Hour50 Points
Understanding Fixed, Variable and Marginal Costs in Economics
This course begins by discussing the fixed, variable, and marginal costs. You will learn that Fixed Cost is the cost that remains constant when the firm is in a short-run period. You will also learn that Total Cost is the overall cost incurred by a firm and Marginal Cost is the change in total cost divided by change in output or quantity. You will also look into Average Cost which is the per-unit cost and is calculated as total cost divided by output or quantity.
You will then look more closely into Marginal Cost which is a firm's additional cost and is calculated as a change in total cost divided by change in output or quantity. You will learn that if the marginal is less than the average, then the average declines, if the marginal is greater than the average, then the average rises, and if the marginal is equal to the average, then the average does not change. This course will also discuss the long term supply curve and economic profit.
Fixed, variable, and marginal costs are very important concepts to understand in economics. Upon the completion of this course, you will gain a better understanding of the concepts of Fixed cost, Variable cost, Marginal cost. You will also be able to visualize average cost and marginal cost as a slope as well as understand the difference between marginal revenue and marginal cost, and long term supply curve and economic profit. Sign up now and learn how to determine these key costs in economics.1.5-3 Hour50 Points
Understanding Monopolies in a Market Economy
This course will first introduce you to the basics of a monopoly. You will look into the revenue and cost graphs for a monopoly and study total revenue, marginal revenue, and deadweight loss. You will learn that a monopoly makes a profit equal to total revenue minus total cost. When the total output is less than socially optimal, there is a deadweight loss and when the price is set above marginal cost, the firm earns a positive economic profit.
You will then learn why the slope of the marginal revenue curve for a monopolist is twice the slope of the demand curve. This course will also discuss oligopoly which is a state of limited competition, in which a market is shared by a small number of producers or sellers that dominate the market and are likely to change their prices according to their competitors. You will look into how it differs from a monopoly.
A monopoly exists when one particular business is the only supplier of a commodity or service within any particular sector of the economy, giving them significant market power and the ability to charge higher prices. By taking this economics course you will learn about the characteristics of a monopoly and when they might occur. You will also understand the economic and financial implications of a business having a monopoly in a particular commodity or service sector.1.5-3 Hour50 Points
Introduction to Gross Domestic Product
This course begins by discussing the Circular Flow of Income and Expenditures. You will study the components of Gross Domestic Product to better understand what is counted in GDP and what is not counted. You will look into the Final and Intermediate GDP Contributions, investment which is the accumulation of capital goods, and consumption which are the activities that directly provide utility to people. You will also learn about income and expenditure views of GDP.
You will then look into the components of GDP. There are four components of a gross domestic product which are personal consumption, business investment, government spending, and net exports. You will look into examples of accounting for GDP and study the difference between Real GDP and Nominal GDP. This course will also discuss the GDP Deflator and give you an example of how to calculate real GDP with a Deflator.
Gross Domestic Product (GDP) is a very important topic to understand in economics. Upon the completion of this course, you will have a better understanding of the circular flow of money in an economy, the basic components of GDP, and the difference between Real and Nominal GDP. You will also gain better insight into how the economists view investment versus consumption as well as learn how to calculate the GDP Deflator. Check out this course and see how the economies of countries work!1.5-3 Hour50 Points
Government Economic Policy
This course begins by discussing budgetary policy, resource allocation, distribution of income and wealth, and external stability. A major priority of budgetary policy is the achievement of domestic economic stability also known as internal stability. With this course, you will learn that the best way to examine the impact of budgetary policy is to first divide the budget result into the structural and the cyclical components. You will also learn that the structural component gives the best indicator of the fiscal stance of the budget.
You will then look into microeconomic policies and cover microeconomic strengths and weaknesses, resource allocation, distribution of income and wealth, external stability, and domestic economic stability. You will learn that the microeconomic policy involves a range of policies designed to affect parts of the economy, not the whole economy. This course will also teach you that it has a supply-side impact on the economy, concerned with improving the responsiveness of production to demand changes.
Upon the completion of this course, you will understand the budgetary policy with the use of flow charts to easily illustrate each process. You will know the meaning of the microeconomic policy and its strengths and weaknesses as well as how it affects parts of the economy including domestic economic stability, income, wealth, resource allocation and external stability. You will also learn the reasons for government intervention so make sure to check this course out and learn more about this subject now!1.5-3 Hour50 Points
Fiscal and Monetary Policies
When people talk about monetary policy, they are referring to the management of interest rates and the total supply of money in circulation. This is generally carried out by central banks, such as the U.S. Federal Reserve. This course will teach you how monetary policy impacts the changing of interest rates and influences money supply. You will also study equilibrium, which is the point where demand and supply for money cross.
Fiscal policy involves changing tax rates and levels of government spending to influence aggregate demand in the nation's economy. With this course, you will learn that instead of adjusting spending through fiscal policy, the government can adjust taxes to change aggregate demand. Increasing the supply of money in the marketplace will normally increase aggregate demand. You will study how central banks can reduce the amount of money in the market by selling bonds.
Fiscal and monetary policy are very important economics concepts, as they can have profound effects on the lives and livelihoods of a country's entire population. This course will teach you how monetary policy affects the money market indirectly and how fiscal policy affects it directly. By the end of the course, your knowledge of essential economics fundamentals will be much stronger. So why wait? Get started, today.1.5-3 Hour50 Points