Overview
The Economics Professional program presents basic concepts necessary to an informed understanding of the economy. Starting with individual consumer behavior and corporate actions, the program moves on to explain both micro- and macroeconomics and the interplay between these 2 perspectives in terms of output, unemployment, inflation, productivity and growth. The effects at the micro level are different to those at the macro level, but sometimes they can also run in parallel and students will study the different ways in which all aspects of the economy are affected.
This extensive program Introduction assumes students are new to the study of economics outlining economic theory and moving through analysis of supply and demand, government action, competitive markets and different types of economic markets that present unique challenges. This program encompasses economic principles (both microeconomic and macroeconomic) and problems. The purpose of the program is for students to develop a logical, conceptual, and analytical understanding of economic principles and to deal with problems associated with the allocation of resources, decisions made by consumers, production by firms, and pricing in various market conditions, government actions in markets, measuring aggregate output, economic growth, employment and unemployment, money and banking, and fiscal and monetary policies intended to achieve economic goals.
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Languages
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English
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Course Access Time
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Students are given 6 months to complete the program. Extensions are available if needed, fees may apply.
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Instructor
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This class supported by an Educational Mentor. Our educational mentors have worked or are working in the subject they mentor. Educational Mentors reviews student work, student progress, and interacts with students as needed. They respond to any questions or concerns you might have, as well as encouraging and motivating you to succeed.
Patricia has a degree in Medical Assisting from The Career College of Northern Nevada, Dental Assisting from the Community College of the Air Force, and is currently working on her B.S. in Criminal Justice Studies from Grand Canyon University in Arizona. She has over 10 years of experience working in doctors offices and has been an Air Force Reservist since 2009. She has worked as an instructor for multiple schools over the last 4 years teaching medical and dental assistant curriculum, as well as OSHA safety requirements and career development.
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Prerequisites/Audience
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There are no specific prerequisites for this program. Students will need access to both a computer and the internet. Students should have basic keyboarding and computer skills, and be comfortable navigating the internet.
Requirements
Internet Access
• Broadband or high-speed internet access is required. Broadband includes DSL, cable, and wireless connections.
• Dial-Up internet connections will result in a diminished online experience. Moodle pages may load slowly and viewing large au
Hide Syllabus
Lesson 1 Microeconomics Module 1 A World of Scarce Resources • Economics Defined • Importance of Studying Economics • Microeconomics versus Macroeconomics • Using Theories and Models to Understand Economics • Overview of Economic Systems • Individual Choices and Budget Constraints • Production Possibilities Frontier • Social Choices • Objections to the Economic Approach Microeconomics Module 2 Supply, Demand, Labor, and Markets • Market Demand, Supply, and Equilibrium • Shifts in Demand and Supply for Goods and Services • Four-Step Process for Equilibrium Changes • Price Ceilings • Price Floors • Demand, Supply, and Efficiency • Labor Market Demand and Supply • Financial Market Demand and Supply • Market System as an Efficient Mechanism for Information Microeconomics Module 3 Elasticity and Consumer Choices • Price Elasticity of Demand • Price Elasticity of Supply • Polar Cases of Elasticity • Constant Elasticity • Elasticity and Pricing • Elasticity in Other Areas • Impact of Income and Price on Consumption • Labor-Leisure Choices • Behavioral Economics Microeconomics Module 4 Cost, Industry Structure, and Perfect Competition • Explicit and Implicit Costs • Accounting Profit versus Economic Profit • Short Term Structure of Costs • Long Term Structure of Costs • Perfect Competition • Output Decisions in Perfectly Competitive Firms • Long Term Entry and Exit Decisions • Efficiency in Perfectly Competitive Markets Microeconomics Module 5 Monopolies • Monopolies • How Monopolies Form • Barriers to Entry • Choosing Output in a Profit-Maximizing Monopoly • Choosing Price in a Profit-Maximizing Monopoly • Monopolistic Competition • Oligopoly Microeconomics Module 6 Antitrust, Environmental Protection, and Negative Externalities • Monopoly and Antitrust Policy • Corporate Mergers • Regulating Anticompetitive Behavior • Regulating Natural Monopolies • Great Deregulation Experiment • Economics of Pollution • Command-and-Control Regulation • Market-Oriented Environmental Tools • Benefits and Costs of Environmental Laws • International Environmental Issues • Economic Output versus Environmental Protection Microeconomics Module 7 Positive Externalities and Economic Inequality • Positive Externalities • Under Investment in Innovation • How Governments Encourage Innovation • Public Goods • Theory of Labor Markets • Wages and Unemployment Unions • Bilateral Monopoly • Employment Discrimination • Immigration Microeconomics Module 8 Poverty, Economic Inequality, and Risk • Poverty Trap • Safety Net • Income Inequality • Government Policies to Reduce Income Inequality • Information • Risk Insurance Microeconomics Module 9 Financial Markets and the Public Economy • Financial Markets • Raising Financial Capital • Household Financial Capital • Accumulating Personal Wealth • Public Economy • Voter Participation • Costs of Elections • Special Interest Politics • Flaws in Democratic Government Microeconomics Module 10 International Trade, Globalization, and Protectionism • Absolute Advantage • Comparative Advantage • Intra-industry Trade between Similar Economies • Benefits of Reducing International Trade Barriers • Protectionism • Effects of International Trade on Jobs, Wages, and Working Conditions • Arguments for Restricting Imports • How Trade Policy Is Enacted • Tradeoffs of Trade Policy Macroeconomics Module 1 A World of Scarce Resources • Economics Defined • Importance of Studying Economics • Microeconomics versus Macroeconomics • Using Theories and Models to Understand Economics • Overview of Economic Systems • Individual Choices and Budget Constraints • Production Possibilities Frontier • Social Choices • Objections to the Economic Approach Macroeconomics Module 2 Supply, Demand, Labor, and Markets • Market Demand, Supply, and Equilibrium • Shifts in Demand and Supply for Goods and Services • Four-Step Process for Equilibrium Changes • Price Ceilings • Price Floors • Demand, Supply, and Efficiency • Labor Market Demand and Supply • Financial Market Demand and Supply • Market System as an Efficient Mechanism for Information Macroeconomics Module 3 Elasticity and the Macroeconomic Perspective • Price Elasticity of Demand • Price Elasticity of Supply • Polar Cases of Elasticity • Constant Elasticity • Elasticity and Pricing • Elasticity in Other Areas • Gross Domestic Product • Adjusting Nominal Values to Real Values • Tracking Real GDP over Time • Comparing GDP among Countries • How GDP Measures the Well-Being of Society Macroeconomics Module 4 Growth and Unemployment • Recent Arrival of Economic Growth • Labor Productivity and Economic Growth • Components of Economic Growth • Economic Convergence • Defining Unemployment • Measuring Unemployment • Patterns of Unemployment • Causes of Short-Term Unemployment Changes • Causes of Long-Term Unemployment Changes Macroeconomics Module 5 Inflation, International Trade, and Capital Flows • Tracking Inflation • Measuring Cost of Living Changes • How Countries Experience Inflation • Confusion Over Inflation • Indexing and Its Limitations • Measuring Trade Balances • Historical Context of Trade Balances • International Context of Trade Balances • Trade Balances and Flows of Financial Capital • National Saving and Investment Identity • Pros and Cons of Trade Deficit and Surplus • Level of Trade versus Trade Balance Macroeconomics Module 6 Aggregate Supply-Demand and Keynesian Models • Macroeconomic Demand-Supply Perspectives • Building an Aggregate Demand-Supply Model • Aggregate Supply Shifts • Aggregate Demand Shifts • Incorporating Growth, Unemployment, and Inflation into the Model • Keynes’ Law and the Aggregate Demand-Supply Model • Say’s Law and the Aggregate Demand-Supply Model • Aggregate Demand in Keynesian Analysis • The Building Blocks of Keynesian Analysis • The Phillips Curve • The Keynesian Perspective on Market Forces Macroeconomics Module 7 Neoclassical Economics, Banking, and Monetary Policy • Neoclassical Analysis • Neoclassical Perspective Policy Implications • Keynesian versus Neoclassical Models • Defining Money by Its Functions • Currency, M1, and M2 Measures of Money • Role of Banks • How Banks Create Money • Federal Reserve Banking System • Central Banks and Monetary Policy • Bank Regulation • Monetary Policy and Economic Outcomes • Monetary Policy Pitfalls Macroeconomics Module 8 International Capital Flow and Government Policy • Foreign Exchange Markets • Foreign Exchange Markets Demand-Supply Shifts • Macroeconomic Effects of Exchange Rates • Exchange Rate Policies • Government Spending • Taxation • Federal Deficits • National Debt • Fighting Recession, Unemployment, and Inflation with Fiscal Policy • Automatic Stabilizers • Discretionary Fiscal Policy Problems • Do We Need a Balanced Budget? Macroeconomics Module 9 Government Debt and Worldwide Macroeconomic Policy • Impact of Government Borrowing on Investment and Trade • Fiscal Policy, Investment, and Growth • Government Borrowing Impact on Private Saving • Fiscal Policy and Trade Balance • Worldwide Economic Diversity • Improving Worldwide Standards of Living • Causes of Worldwide Unemployment • Causes of Worldwide Inflation • Balance of Trade Concerns Macroeconomics Module 10 International Trade, Globalization, and Protectionism • Absolute Advantage • Comparative Advantage • Intra-industry Trade between Similar Economies • Benefits of Reducing International Trade Barriers • Protectionism • Effects of International Trade on Jobs, Wages, and Working Conditions • Arguments for Restricting Imports • How Trade Policy Is Enacted • Tradeoffs of Trade Policy Hide Syllabus
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