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Economics (1st Year- Patliputra University Syllabus)

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About Course

Are you new to Economics or need a refresher? This comprehensive course is designed to help you grasp all the fundamentals of Microeconomics, Macroeconomics, and Economic Theory. By the end of the course, you’ll have the skills to analyze and understand economic systems, market behaviors, and financial trends.

Why Learn Economics?

Understanding Economics has allowed me to create courses like this for students worldwide while making a substantial income from home. Economists can earn a lucrative living both online and offline by providing insights and solutions to complex economic issues.

Unlock Your Potential

Economic expertise will enable you to interpret market trends, influence policy decisions, and contribute to business strategies. The possibilities with Economics are limitless. It’s one of the most critical social sciences to learn, providing you with superpowers in the business world and job market.

Why Choose Economics?

Millions of businesses and institutions rely on economic analysis. With economic knowledge, you can find a job anywhere or work independently on platforms like Freelancer or Upwork, significantly boosting your income potential.

Engaging and Fun Learning Experience

I take my courses seriously but strive to make learning enjoyable. I understand how challenging learning from an instructor with a monotone voice or boring attitude can be. This course is fun, and when you need some energy to keep going, you will get it from me.

My Approach

Practice, practice, and more practice. Every section inside this course has a practice lecture at the end, reinforcing everything we covered in the lectures. I also created a small project that you will be able to download to help you practice Economics. To top it off, we will build an awesome economic analysis project to apply what we’ve learned.

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What Will You Learn?

  • Fundamentals of Microeconomics
  • Foundations of Macroeconomics
  • Economic Theory and Applications
  • Economic Theory and Applications
  • 4. Market Behavior and Trends
  • Policy Decision Making
  • Financial Trends and Analysis

Course Content

MICROECONOMICS AND MACROECONOMICS
Microeconomics and macroeconomics are two branches of economics that study different aspects of the economy at different levels of aggregation. Here's a brief overview of each:

  • 1. Microeconomics
    00:00
  • 2. Macroeconomics:
    00:00

UTILITY ANALYSIS AND THE LAW OF DEMAND
Utility analysis and the Law of Demand are concepts in economics that help explain consumer behavior and the relationship between price and quantity demanded

ELASTICITY OF DEMAND
Elasticity of demand is a measure of how responsive the quantity demanded of a good or service is to a change in price, income, or other influencing factors. It provides insights into the sensitivity of consumer demand to changes in various economic variables. The formula for elasticity of demand is as follows: Elasticity of Demand=% Change in Quantity Demanded% Change in PriceElasticity of Demand=% Change in Price% Change in Quantity Demanded The result can be either elastic, inelastic, or unitary, and it is expressed as a numerical value.

CONSUMER SURPLUS
Consumer surplus is an economic measure that represents the difference between what a consumer is willing to pay for a good or service and what the consumer actually pays. It is essentially a measure of the benefit or surplus satisfaction that consumers derive from making a purchase.

LAW’S OF PROFIT
The term "Laws of Profit" isn't a standard or widely recognized concept in economics. However, there are several economic principles, theories, and factors that influence the level of profits in a market economy.

PRINCIPALS OF POPULATION
The theories and ideas related to population dynamics: One prominent theory in this context is the "Malthusian Theory of Population," proposed by Thomas Malthus in the late 18th and early 19th centuries.

COST ANALYSIS
Cost analysis is a process of evaluating and examining the various costs associated with a particular project, business operation, or activity. The goal of cost analysis is to understand and quantify the expenses incurred to produce goods or services, allowing businesses and decision-makers to make informed choices, optimize resources, and improve efficiency. Cost analysis involves the identification, classification, and examination of costs at different levels within an organization

PERFECT COMPETITION
Perfect competition is a theoretical market structure in economics characterized by specific conditions that rarely exist in the real world. It serves as a benchmark against which other market structures are compared.

MONOPOLISTIC COMPETITION
Monopolistic competition is a market structure that combines elements of both monopoly and perfect competition. In a monopolistically competitive market, there are many firms, similar to perfect competition, but each firm produces a differentiated product, creating an element of monopoly.

PRICE DETERMINATION
Price determination refers to the process by which the price of a good or service is set in the market. It involves the interaction of supply and demand forces, which influence the equilibrium price at which buyers are willing to purchase a certain quantity, and sellers are willing to supply that quantity. Several factors and market conditions contribute to the process of price determination.

NATIONAL INCOME
National income is a measure of the total value of all goods and services produced by a country over a specific period. It is a key economic indicator that provides insights into the overall economic performance of a nation. National income is often used to gauge the standard of living, economic growth, and distribution of income within a country.

SOCIAL ACCOUNTING
Social accounting refers to the process of systematically collecting, analyzing, and reporting information about the social and environmental performance of an organization or a society. It involves extending the principles of financial accounting to include a broader set of indicators that measure the impact of economic activities on society, the environment, and various stakeholders.

PRINCIPAL OF DISTRIBUTION
In a business context, distribution refers to the process of making a product or service available to consumers. It involves the various channels, intermediaries, and logistics necessary to move a product from the manufacturer to the end user.

RENT
In economics, rent typically refers to the payment made for the use of a resource, particularly land or other factors of production. Economic rent is the income earned by a resource in excess of its opportunity cost.

INTEREST
In economics and finance, interest refers to the cost of borrowing money or the return on investment. It is the compensation that a borrower pays to a lender for the use of money over a specified period, typically expressed as a percentage of the principal amount (the initial sum borrowed or invested). Interest can be applied to various financial instruments and transactions.

WAGES

PROFIT PLANNING
Profit planning, often referred to as budgeting or financial planning, is the process by which businesses set specific financial goals and develop strategies to achieve those goals. It involves forecasting future revenues, costs, and expenses to create a comprehensive plan that guides the allocation of resources and helps organizations achieve their desired level of profitability. Profit planning is an essential aspect of overall financial management and strategic decision-making within a business

What is money?

What are principles of saving cost
The principles of saving costs are the strategies and practices that individuals or organizations can use to reduce their expenses and save money.

Banking system
The banking system is a network of financial institutions that provide various financial services to individuals, businesses, and governments. The core functions of the banking system include accepting deposits, providing loans, facilitating transactions, and managing risks.

I. M. F
The International Monetary Fund (IMF) is an international organization that was established in 1944 with the goal of promoting international monetary cooperation, exchange stability, and economic growth. The IMF has 190 member countries and is headquartered in Washington, D.C.

World bank
The World Bank is an international organization established in 1944 with the goal of reducing poverty and promoting economic development in developing countries. It is headquartered in Washington, D.C., and has 189 member countries.

Profits
Profits are the financial gains or earnings that a business or individual makes after deducting all expenses and taxes. In simple terms, profits are the surplus amount that remains after subtracting the total expenses from the total revenue.

Salary
A salary is a fixed amount of money paid to an employee by an employer for the work done over a specified period, usually a month.

Cause of public expenditure
Public expenditure refers to the government's spending on goods and services, including infrastructure, healthcare, education, social welfare programs, defense, and other public services.

International trade
International trade refers to the exchange of goods, services, and capital across international borders.

Comparative cost

Principles of international trade

Free trade and production

Student Ratings & Reviews

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6 years ago
Amazing Tutor, Many thanks for the course. You have explained the course so nicely. I thoroughly enjoyed the course and will be looking forward to your new courses.
6 years ago
This is the best course online that you can get. I learn online everything about web development, but this is amazing. Thank's Jonas, you are my Hero. You give me a good knowledge of Html, CSS and Javascript.
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