Economics for finance – Online
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This course covers the fundamental issues of both microeconomics and macroeconomics. On the micro side topics include demand and supply analysis, consumer theory, theory of the firm, and market structures. On the macro side the course covers a description of gross domestic product (GDP). Aggregate demand and supply analysis is used to explain business cycles as well as inflationary and deflationary output levels. Monetary and fiscal policy are explained. International trade and finance are covered under topics as benefits of trade, international organizations to facilitate trade, and exchange rate theory.
Module 1: Demand and Supply Analysis: Introduction
In this module the basic principles of demand and supply are carefully described. The benefits of market equilibrium are presented using the ideas of producer and consumer surpluses. Market interference is introduced and shown not to be beneficial. The important concepts of elasticity of demand and supply are developed.
Module 2: Demand and Supply Analysis: Consumer Demand
In this module demand curves are derived using budget line – indifference curve analysis. The reason demand slopes down is explained via the income and substitution effects of a price change. This analysis sheds light on concepts such as normal and inferior goods.
Module 3: Demand and Supply Analysis: The Firm
The supply curve of the firm is derived in this module by examining the cost side of firm production. Fixed cost and variable cost are identified and the cost curves of the firm are drawn. Given alternative prices, the supply curve is derived as being profit maximizing output levels. Both short run and long run analysis are described. The important concepts of the long run, economies and diseconomies of scale, are presented.
Module 4: The Firm and Market Structures
Both the demand and supply sides are re-introduced in this module so as to understand behavior in the product market. The four major market structures of perfect competition, monopolistic competition, oligopoly and monopoly are developed and compared.
Module 5: Macroeconomics Analysis: Aggregate Output, Prices, and Economic Growth
This module introduces aggregate output measured by gross domestic product and the GDP components are identified. The effect on output via shifts in aggregate demand aggregate supply curves can help explain different states of the economy. The production function and sources of economic growth are identified.
Module 6: Macroeconomics Analysis: Understanding Business Cycles
Output growth and decline occurs cyclically; the trend line traced out by this movement is called the business cycle. This module covers the phases of the cycle and examines the theories which try to explain this behavior. Economic indicators designed to help us understand where we are in the cycle are listed and explained.
Module 7: Macroeconomics Analysis: Monetary and Fiscal Policy
Government involvement in the economy is discussed via monetary and fiscal policies. This module carefully explains these two methods and shows how the central authorities use them to influence employment, output and prices.
Module 8: Economics in a Global Context: International Trade and Capital Flow
The economic model is opened up to include “the rest of the world” in this module. The benefits of international trade and capital flows are presented. Restrictions on trade via tariffs and quotas as well as creators of trade via countries forming economic unions and joining international structures such as the international monetary fund and the world trade organization are examined. The balance of payments of a country and its separate accounts to measure trade activity is presented in this module.
Module 9: Economics in a Global Context: Currency Exchange Rates
This module discusses the foreign exchange market, the market which residents of one country must enter to do business with residents of another country. Concepts such as spot rates and futures rates and their relationship between nations are explained. The ideal currency regime is compared with existing exchange rate regimes. How exchange rates influence the balance of payments closes out this module.
All course materials and assessments are online. Each course is available 24 hours a day, 7 days a week. Courses (and the modules that make up the courses) can be accessed from anywhere around the world with an Internet connection, and without requiring any software to download onto your computer. Courses can be accessed for a duration of three months, giving you plenty of time to review, study and not only test your knowledge, but improve your grades. Course materials are offered in audio and print format and can be reviewed in any order enabling you to have complete control of your learning process.
The credit hours listed in each course description page serve as an approximation of the total learning time required to complete a module or a course. This includes watching the video lectures, completing the readings and exercises, and going through other assigned course materials. However, it is understood that this value is an approximation, since it will vary for each individual learner. Once registration is complete, the access given to a module or a course is three months, which gives plenty of time to continue reviewing the study materials or to improve grades.