COURSE OVERVIEW:

Welcome to the Introduction to Economics course. This program will equip you with foundational economic concepts, historical context, analytical models, and decision-making frameworks that explain how individuals, firms, and governments behave in a world defined by scarcity. You will explore what economics is, what it studies, why it matters, and how economic thinking helps us understand growth, recessions, competition, markets, incentives, and human behaviour. This course also examines how economists use models, graphs, and structured choice frameworks to interpret real-world problems and propose effective solutions.

This course begins by examining what economics is all about and what economics studies, followed by a brief overview of the economic history that shaped today’s market-based societies. You will explore the major institutions—such as property rights, competition laws, contract enforcement, and stable financial systems—that enabled higher living standards. This section also introduces macroeconomics, the framing of economics as the science of scarcity, and the causes of recessions. You will learn how economists measure the economy using key indicators, how anti-recessionary policies developed, and how economists use monetary policy and fiscal policy to stabilise economic activity. You will then explore microeconomics, the balancing of supply and demand, why economists place such importance on competition, and how competitive pressures push firms to meet efficiency and consumer-benefit conditions. This section also explains the problems caused by lack of competition and how economists reformed property rights to correct distortions. You will explore how monopolies, oligopolies, and poorly designed property rights lead to market failures, along with other causes of market failure such as asymmetric information and public goods.

A further part of the program focuses on how economists use models and graphs, including why abstracting from reality helps simplify complex systems. You will learn the Law of Demand, how to create a demand curve, how to use it to make predictions, and how to draw your own demand curve. This leads into the economic choice model of human behaviour, which explains how individuals evaluate options, consider constraints, and conduct cost-benefit analysis. You will explore the first stage of the model—evaluation of options using utility to measure happiness—including how altruism and generosity can be incorporated. The second stage examines constraints and opportunities, including resource, technology, time, and unavoidable constraints. The third stage introduces cost-benefit analysis, along with the limitations and violations of the economist’s choice model. You will also explore how to get rational about irrationality, why confusing marginal and average values creates errors, and how behavioural insights help refine economic thinking.

The final learning area introduces famous economists whose ideas shaped the field—from early classical thinkers to modern behavioural economists—and explains how their theories continue to influence policy, business strategy, and everyday decision-making.

By the end of this course you will be able to understand what economics studies, distinguish between macroeconomics and microeconomics, interpret supply and demand dynamics, analyse human decision-making through economic models, recognise market failures and policy solutions, and apply economic reasoning to evaluate choices and understand real-world issues.

LEARNING OUTCOMES:

By the end of this course, you will be able to understand:

·       What Economics is all about?

·       What does economics study?        

·       A little economic history

·       The institutions that led to higher living standards

·       What is Macroeconomics?

·       Framing economics as the science of scarcity

·       What causes recessions?

·       How economists measure the economy?         

·       How economists developed anti-recessionary policies?

·       How economists fought recessions with monetary and fiscal policies?

·       What is Microeconomics?

·       Balancing supply and demand in economics

·       Why competition is so great in the eyes of economists?

·       How firms that are forced to compete end up satisfying two wonderful conditions?

·       The problems caused by lack of competition   

·       How economists reformed property rights?      

·       How monopolies, oligopolies and poorly designed property rights all lead to what economists like to call market failures?

·       The two other common causes of market failure are asymmetric information and public goods

·       How economists use models and graphs?

·       How economists see that “Abstracting from reality” is a good thing?

·       The Law of Demand

·       How to create the demand curve?

·       How to use the demand curve to make predictions?

·       How to draw your own demand curve?

·       The economic choice model of human behaviour

·       The first stage of the economic model: The evaluation of options

·       How to use utility to measure happiness?        

·       How to take altruism and generosity into account?

·       The second stage of the economic choice model: The constraints and opportunities

·       Realising that self-interest can promote the common good

·       The resource constraints

·       The technology constraints

·       The time constraints

·       The unavoidable constraint

·       The third stage of the economic choice model: The cost-benefit analysis

·       The limitations and violations of the economist’s choice model

·       How to get rational about irrationality?    

·       Confusing marginal and average   

·       Famous economists

COURSE DURATION:

The typical duration of this course is approximately 2-3 hours to complete. Your enrolment is Valid for 12 Months. Start anytime and study at your own pace.

ASSESSMENT:

A simple 10-question true or false quiz with Unlimited Submission Attempts.

CERTIFICATION:

Upon course completion, you will receive a customised digital “Certificate of Completion”.