ECONOMICS

Economics

Economics

Unit 1: The first unit provides me in-depth knowledge regarding the use of scarce resources by individuals. This unit is comprised of basic principles which help in underrating what are the factors that makes individual to decide to choose from scarce resources. This unit also defines how various individual decisions interact in economics.

Unit 2: The second unit helps me to learn three significant models of economics including the production possibility frontier, comparative advantage, and the circular-flow diagram. It also helps to develop understanding of differing and similar point of views of various economists pertaining to the concept of supply and demand.

Unit 3: The third unit provides thorough understanding of concept of demand and supply curves. The key concepts revolve around the questions of what the demand curve is and what causes it to shift, what the supply curve is and what causes it to shift. Furthermore, the understanding of how price and quantity controls create problems and make a market inefficient is developed in this section. The questions of who benefits and who loses from market interventions, and why they are used despite their well-known problems are addressed in this unit.

Unit 4: The fourth unit explains significance of business cycle and why policy makers seek to reduce the rigorousness of business cycles. The connotation of lasting expansion and how it affects a country's set of livelihood, the description of price rises and reduction, the disparity amid actual GDP and nominal GDP and why real GDP is the suitable gauge of authentic economic commotion.

Unit 5: The fifth unit provides the information concerning why continuing expansion is calculated as the raise in actual GDP per capita, how this count has changed over time, and how it differs athwart countries, the issues that enlighten why augmentation rates diverge a great deal amongst countries.

Unit 6: The ...