Economics - The Principles of Economics


Overview/Description
Target Audience
Expected Duration
Lesson Objectives
Course Number

Overview/Description
"Economics: The Principles of Economics": This course introduces the learner to some of the broad issues and concepts in the field of economics. Beginning with some very basic definitions and information, it builds to introduce the concept of an economic system before examining the issue of scarcity and wants and how these drive whole economies.

Target Audience
This course is aimed at Managers, Directors, and Project Leaders.

Expected Duration (hours)
4.0

Lesson Objectives

Economics - The Principles of Economics

  • Recognize what economics studies.
  • Identify the economics issues of scarcity and choice.
  • Recognize the main economic principles.
  • Compare microeconomics and macroeconomics.
  • Distinguish between economic analysis and economic policy.
  • Identify three types of economic system.
  • Identify factors of production.
  • Identify economic growth and development.
  • Recognize how gains from trade are made.
  • Recognize two types of economic inflation.
  • Identify three types of unemployment.
  • Compare wants and resources.
  • Identify the three properties of economic goods.
  • Compare public and private goods.
  • Identify the features of the law of demand.
  • Identify the features of the law of supply.
  • Recognize the importance of predicting changes in price and quantity.
  • Recognize the causes of market failure.
  • Identify the factors of production.
  • Identify the role of labor input in productivity.
  • Identify the role of capital and how it affects productivity.
  • Recognize the roles of an entrepreneur.
  • Identify the role of land as a factor of production.
  • Recognize the production possibility frontier.

    • Course Number:
    en_US_48811_ng