11. AN OVERVIEW OF A BASIC ECONOMICS COURSE.

Previously I said the I will "make you an Economist" - no, you will be making yourself one. I will just provide the framework in which you will develop your thinking.

The framework of the framework will look something like this:

1. WHAT ECONOMICS IS

THE ECONOMIC PROBLEM

DIFFERENT VIEWS ON THE SUBJECT

2. MICROECONOMICS AND MACROECONOMICS

FLOWS IN A MIXED ECONOMY

>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>Video (Ishmael) https://www.youtube.com/watch?v=e0nBs7L8CrE

3. PRICE THEORY

4. PERFECT MARKETS

5. SUPPLY AND DEMAND & HOW PRICES ARE FORMED

6. PRICE ELASTICITY

7. THE SUPPLY CURVE OF THE FIRM

To fully understand the supply curve of the firm one needs to understand MARGINAL COST. Here is a short video that explains the concept: https://www.youtube.com/watch?v=7t8gdc3YogM 8. MONOPOLY AND IMPERFECT COMPETITION

9. MACRO-ECONOMIC ISSUES

10. MEASURING THE ECONOMY - GDP

11. INFLATION

12. UNEMPLOYMENT

13. ECONOMIC GROWTH

14. Capita Selecta xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxOpportunity Cost: The value that we give up in order obtain another value. For example: the time that you spend learning economics cannot be used to watch TV (your TV time has to be sacrificed to spend learning Economics)

>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>> http://study.com/academy/lesson/opportunity-cost-definition-real-world-examples.html 3.3 Briefly explain ANY THREE (3) determinants of the price elasticity of demand.