Financial Management

Principles of Economics

In this course, you will learn the 10 most important economics concepts in a fast and efficient…

In this course, you will learn the 10 most important economics concepts in a fast and efficient way.

About this course

This course identifies the basic principles of economics. We will focus on the ‘Ten Principles of Economics’ formulated by famous economist Gregory Mankiw. These ten economic concepts are often labeled as the “main pillars” of economics, as they explain how individuals make decisions, how people interact, and how the economy works as a whole.

Students who understand these principles will have a much better ability to understand the economic and financial world around them, making them better managers, investors, producers, and consumers.

What Will You Learn?

  • Understanding the 10 most important economic concepts
  • Understanding the foundations of the global economy
  • Evaluation of international business strategies

Course Curriculum

1. Introduction
Welcome to Principles of Economics!

  • Introduction

2. Mankiw’s 10 Principles
Mankiw’s Principles of Economics is a popular book on economics written by Harvard University professor N. Gregory Mankiw. In this chapter, our focus revolves around the introduction of the author and a brief discussion regarding his renowned textbook.

3. Trade-Offs & Costs
In this chapter, we will cover Mankiw’s first and second principles of economics. They are based on the idea that individuals, organizations, and nations always face trade-offs that come with opportunity costs when making any kind of decision.

4. Rationality & Incentives
This chapter explores Mankiw’s third and fourth principles, which revolve around the concept of rational decision-making and the influence of incentives on individuals, organizations, and nations. These principles highlight the fundamental role of rationality & incentives in shaping economic behavior.

5. Trades & Markets
In this chapter, we will cover Mankiw’s fifth, sixth and seventh principles of economics. These principles cover the concepts of beneficial trades, the efficiency of markets, and the necessity of government interventions to avoid market failure.

6. The Economy as a Whole
This chapter focuses on Mankiw’s eighth, ninth, and tenth principles, which center around macroeconomic concepts related to a country’s production, inflation, and unemployment. By examining these principles, we gain a broader understanding of their implications for the economy as a whole.

7. Discussion
Did Mankiw succeed in explaining the entire world economy with just ten simple principles? Or is there more to our global economy and basic human interactions than Mankiw wants us to believe? In this chapter, we will briefly discuss what critics think about them.

8. Conclusion

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