Target Audience

The course is targeted at students of finance, and professionals in the field of finance, accounting, or business administration who want a deeper understanding of these concepts.

Instructional Method
Dynamic, Interactive e-learning

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Economics
Time taken to complete each Course: One hour

A. Microeconomics

1. Elasticity

This course focuses on one of the microeconomic concepts-Elasticity-and how firms are affected by this concept. One of the main concepts related to the equilibrium between demand and supply is elasticity, which measures the dependency between demand and supply and the impact of changes in either on the equilibrium price level.

2. Efficiency and Equity

This course focuses on the concept of efficiency and equity and reviews the concepts related to efficient allocation of resources. The course explains the marginal cost and marginal benefit for calculating the efficient quantity of any product. It shows the relationship between the marginal cost and minimum supply cost. It also delves into other important aspects like consumer surplus, producer surplus and the relationship between them with equilibrium. The course describes how the allocation of efficient resources takes place. Finally, the course
reflects upon the different obstacles in achieving the efficient allocation of resources and analyses the two views about the fairness of competitive markets.

3. Markets in Action

The course explains the impact of price ceiling on equilibrium in short-run and long-run supply and demand and on the black market. It also describes the effects of minimum wage and provides details about the impact of tax incidence on demand, supply, and equilibrium. It explains the impact of subsidies and quotas and the impact of market for illegal goods on demand, supply, and equilibrium.

4. Organizing Production

This course introduces the concept of economic profit and describes how the firms measure costs and profits. The course gives an insight of various challenges faced by the firms and how they coordinate production in such cases. Various markets and the level of competitiveness of an industry are discussed in the course. The course also describes the advantages of operating efficiently in the market.

5. Output and Costs

This course provides an understanding on one of the major concepts of "optimal output" given its cost and revenue functions. This course also focuses on how output and costs decision affects the efficiency of a firm.

6. Perfect Competition

This course is a part of the syllabus prescribed by CFA Institute for the Level I exam. This course aims to provide an understanding of the perfect competition market structure. The characteristics of the market profit maximising conditions of the firm and other factors causing changes to the short-run and long run equilibrium.

7. Monopoly

The course provides an understanding of the characteristics of monopoly and factors allowing monopoly to arise. The course provides and overview of price-setting strategies of monopoly. The course also focuses on the relationship between price, Marginal Revenue (MR) and elasticity with respect to monopoly, price discrimination, and also the distribution of consumer and producer surplus in monopoly situation. In addition to these, it explains the potential gains from monopoly and the regulation of a natural monopoly.

8. Monopolistic Competition and Oligopoly

This course aims to develop an understanding on two types of market structure Monopolistic
Competition and Oligopoly. It covers the characteristics of each type along with the profit maximising conditions. It also focuses on the aspect of product development in monopolistic competition and the need for non-price competition. It also highlights the different kinds of oligopolistic models along with the prevalence of cartels and collusion. There is also an insight to game theory and its application in the real world.

B. Macroeconomics

9. Demand and Supply in Factor Markets

It explains the demand and supply that exists in the factor market with emphasis on labor as a factor of production. It also explores the capital market and explains the different kinds of capital that exists. Apart from labor and capital this course also stresses upon the two different types of natural resources renewable and non-renewable. Lastly it distinguishes between economic rent and opportunity costs in factor incomes.

10. Monitoring Cycles, Jobs, and the Price Level

It explains the business cycle, the different kinds of employment and the meaning of unemployment. This course also highlights the labor market indicators, aggregate hours, real wage rate and their relation to GDP. It talks about the consumer price index, its calculation procedure and its biases.

11. Aggregate Supply and Aggregate Demand

It talks about aggregate demand and aggregate supply, the reasons for their fluctuations. The course explains the short-run and long-run macroeconomic equilibrium and expounds the viewpoints of the different macroeconomic schools of thought.

12. Money, Banks, and the Federal Reserve

This course provides an understanding of the functions of money and how it is created, highlighting the special role of the central bank within an economy.

13. Money, Interest, Real GDP, and the Price Level

The course focuses on an important macroeconomic section-monetary sector of the economy. It examines the concept of creation of money and its functions. The course describes the role of central bank within an economy. It explains the impact of interest rates on demand and supply of money and also elaborates the quantity theory of money.

14. Inflation

Inflation is a global phenomenon that impacts everyone. This course deals with the phenomenon of inflation. It explains what inflation is and how it is measured. It examines the causes of inflation and theories that explain these causes. The course also looks at the various costs to the economy associated with inflation.

15. Fiscal Policy

It explains the different kinds of fiscal policies observed in an economy and their effects especially in the areas of investment, saving and economic growth. It also discusses the use of such fiscal policies to stabilize the economy and their limitations.

16. Monetary Policy

It elucidates the primary objectives of monetary policy using various policy measures. It differentiates among the different policy measures and demonstrates the effect on the economy when each one of them is executed.