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Welcome to course on “Basics of Economics A Complete Study”
Finance, Accountancy and Economics are three different business subjects but with inter dependence, similarities and of course distinct differences.
If one has to excel in any of the above one domain (Finance / Accountancy / Economics) he should have strong understanding of main domain and basic understanding of other two domains.
Hence, this course will provide basic knowledge on Economics for Finance and Accounting Professionals.
So, what is Economics is all about?
Its about making choices.
Its not just about money.
It is about weighing different choices or alternatives.
So, there are variety of modern definitions for economics. Some of the differences may reflect evolving views of the subject or different views among economists
By studying Economics, you will understand two fundamental facts;
a) Human beings have unlimited wants; and
b) The means of satisfying these wants are relatively scarce
and the above form the subject matter.
By taking this course, you will learn
i) What is Economics
ii) Definition and Scope of Economics
iii) Nature of Economics
iv) Methods of Study of Economics
v) Economic Problems
vi) Theory of Demand
vii) Law of Demand
viii) Expansion and Contraction of Demand
ix) Demand Curve
x) Elasticity of Demand
Based on students engagement level, further courses will be added on the topics like
Theory of Production and Cost, Price Determination in Different Markets, etc.
This course is structured in self paced learning style.
You will experience virtual class room with black / green board writing and lectures with supporting lectures.
Take this course to understand the basics of Economics.
Economics Classification
Economic Analysis and Laws
Demand and Supply
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7Methods of Economic Analysis
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8Economic Laws
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9Human Wants
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10Charecteristics of Wants Part I
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11Charecteristics of Want Part II
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12Classification of Wants
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13Significance of Classification of Want
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14Utility - Total Utility and Marginal Utility
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15Law of Diminishing Marginal Utility (DMU)
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16Importance of Law of DMU
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17Criticism of Law of DMU
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18Law of Equi Marginal Utility
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19Limitations of Law of EMU
Introduction to Business Economics
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20What is Demand?
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21Law of Demand
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22Demand Schedule & Demand Curve
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23Individual Demand and Market Demand Schedule
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24Market Demand Curve
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25Exceptions to law of Demand
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26Extension and Contraction of Demand
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27Shifts in Demand (Increase / Decrease in Demand)
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28Factors determining Demand
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29Introduction to Elasticity of Demand
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30Price Elasticity of Demand
Decision Making Process in Business
Price determination in different markets
Why, What, How, When of Price Determinations in Different Markets
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36Market
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37Classification of Markets
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38Types of Market Struture
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39Total Revenure, Average Revenue and Marginal Revenue
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40Determination of Prices in Open Market
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41Increase in Demand and new Equilibrium Point
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42Decrease in Demand and new Equilibrium Point
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43Features of Perfect Market
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44Price determination in perfect market
Perfect Competition
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45Why Total Revenue Curve of a price taking firm is an Upward Sloping Straight Lin
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46What is the relation between Market Price, AR and MR of Price taking firm?
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47What is Market Equilibrium?
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48When do we say there is excess demand for commodity?
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49When do we say there is excess SUPPLY for commodity?
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50What will happen if Market Price greater or less than Equilibrium Price?
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51How price is determined in a perfectly competitive market?
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52How equilibrium price and quanity affected due to change in Income?
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53How increase in price of shoe affect sales of socks?
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54How change in price of coffee affects sales of tea?
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55How change in price of inputs affect equilibrium?
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56Effect of Rightward shift in Demand and Supply Curve on Equilibrium Price and Qu