Learn Economics From Scratch - An A Level Support Course

"Learn Economics From Scratch" is an 'A'-Level support course. Within 4 hours we will teach you how to view the micro-economic world to approximately A-Level Standard.

Taught by experts in the field (2.1 BA Hons Graduate with over 4 years industry experience) it aims to empower the individual student with abilities to understand the world of micro-economics.

As part of a forthcoming Economics Series aiming to cover the entire Cambridge 2015 A-Level syllabus. By the end of this course you will understand and should be able to:

·Have an appreciation of purpose built print quality diagrams for the course.

·Appreciate insight into the inner workings of the theory of how firms operate in today's business climate

·Appreciate detailed explanations of cost and revenue structures, directly transferable as real life skills into business.

·Learn Micro Economics in under 4 hours with over three hours of purpose created content.

·Define Economics, Understand Basic Economic Ideas, and Economic Structures with particular respect to Types of Economic Systems;

·Understand the History of Economic Systems, their Pros and Cons

·Understand Positive and Normative Economics, their definitions and uses.

·Understand Aspects and features of Money, its functions and characteristics;

·Understand UK Banking structures, and Liquidity Structures of Financial Mediums of Exchange.

·Appreciate aspects of the UK Financial System, How the UK Financial System Creates Money, the Bank Of England, Its Functions and Affect.

·Understand what constitutes Economic Efficiency and its component parts of Productive and Allocative Efficiency.

·Appreciate the Price system and theory of the firm including the Laws of Demand and Supply

·Understand the Assumptions made with respect to Demand and Supply.

·Appreciate Factors determining Demand and the Law of diminishing marginal utility.

·Understand Demand oddities such as Veblen and Giffen goods.

·Appreciate Income and Substitution Effects and the equi-marginal condition.

·Understand and appreciate the concept of Value and the Paradox of Value.

·Appreciate Types of Demand, its Sensitivity and responsiveness to Price (Price Elasticity of Demand) what affects this and the extreme forms it can take.

·Appreciate Cross price elasticity of demand - the way in which one competitive product mat affect the market conditions of another.

·Appreciate Income Elasticity of Demand - the way in which a change in income affects demand of a product.

·Understand and appreciate Pricing policies and planning - how to form a pricing strategy in business.

·Appreciate taxation impacts of elasticity;

·Appreciate Supply conditions and Supply notation.

·Appreciate factors affecting and the outcomes of changes in supply and Joint supply - where one products supply is governed by supply of another products

·Gain an appreciation of Price elasticity of supply and levels of elasticity of supply and its Determinants.

·Understand what’s meant in economics by the Period of supply – momentary, short and long run.

·Understand Supply and Demand notation and diagrams.

·Appreciate the price mechanism, Supply and Demand and its inevitable state of Equilibrium.

·Appreciate the impact on markets of Minimum Price Controls;

·Understand Indirect taxes, Incidence of taxation and methods of calculating tax yields.

·Understand Consumer and producer surplus and the impacts of these on the free market.

·Appreciate aspects of Free Market Failure the factors contributing to this and aspects of Market power;

·Appreciate aspects of Factor immobility, Inequality, Merit goods, Externalities, Instability, Information problems, Public goods, Market Instability and Information problems.

·Understand Coase theorem aka the compensation principle;

·Understand Governmental failure and Public choice theory;

·Appreciate Taxation and approaches of theory to handle market failures.

Want to understand the mathematical implications of theory? As part of the course we will cover:

·Marginal, Average, and Total numbers and graphs of these..

·The law of diminishing returns / variable proportions;

·Costs, cost formulae and graphs of costs structures;

·Long run average costs curves;

·Internal economies of scale;

·Types of economies – purchasing; Managerial; technical; financial; risk bearing; marketing.

·Internal diseconomies of scale;

·Minimum efficient scale;

·Returns to scale;

·Cost minimisation;

·External economies and diseconomies of scale – how size implications can save you real money.

·Technology;

·Price and output decisions;

·The average condition;

·Type of profit;

·Short and long run production decisions.

·Pareto optimality and types of efficiency;

·Theory of second best (1956)

Have you ever needed to understand what is meant by a particular market or business form? We will also be covering:

·Market form including Perfect competition its assumptions and representation in graphical form;

·Why are Perfectly Competitive Markets desirable from an economic perspective?

·Monopolistic competition and contestable markets;

·Monopolistic competition diagrams and explanation;

·Contestable markets;

·Barriers to entry;

·Monopoly;

·Monopoly profits and how Barriers to entry make this possible.

·Monopoly and its implications on efficiency;

·Natural Monopoly and Control of natural monopolies;

·Arguments for and against monopoly;

Ever wanted to understand whether you should be charging more for your products? As part of the lecture series we will cover:

·Price discrimination, and Perfect price discrimination;

·Competition and collusion

·Oligopoly / duopoly;

·We will also be appreciating the aspects of competition and collusion with respect to the Kinked Demand Curve;

·The Collusion model of oligopoly;

·What makes collusion more likely;

·An understanding of Game Theory;

·Pricing and non-pricing strategy;

·The role of advertising;

In addition did you ever want to appreciate the implications of competition policy on markets? As part of this course we will be discussing:

·Economic Competition & competition policy:

·Policies by governments;

·Ways of using competition policy;

·Office of fair trading;

·European Commission;

·EU restrictive practices policy;

·European Monopoly power

·EU Mergers;

·UK Competition Laws;

·Trading Laws: 1973 fair trading act; 1980 competition act; 1998 competition act; 2002 Enterprise act;

·Cartels;

Ever want to understand what types of form a business can take in the real world, how they grow, and what forms of descriptive / analytical business models they can take? We will be covering:

·Types of business;

·Shares;

·Multinationals / transnationals;

·Why governments are suspicious of multinationals;

·Growth of firms; Internal vs external.

·Why takeover or merge;

·Reasons of growth;

·Types of growth;

·Franchising;

·Objectives of firms;

·Profit maximisation vs managerial models;

·Managerial utility maximisation model (Williamson);

·Sales revenue maximisation (Baumol);

·Growth Maximisation (Marris);

·Satisficing (Simon);

·Diagrams of managerial models;

Ever want to understand how the labour market works and be able to discus with a union representative how this works? As part of this course we will be covering:

·Labour – demand for labour;

·Elasticity of demand for labour;

·Individuals supply of labour;

·Supply of labour determinants;

·Perfectly competitive labour market; - Diagrams;

·Wage differences;

·Imperfections in the labour market;

·Wage determination in imperfect markets;

·Monopsony;

·Monopsony diagrams;

·Trade Unions;

·Power over labour supply;

·Union illustration;

·Power of trade unions - determinants.

·Bilateral Monopoly;

·Differences in individuals earnings; - Determinants;

·Minimum wage; - effects;

·Government intervention in labour markets;

·Transfer earnings – Economic rent & Quasi rent;

·Income Vs Wealth;

·Sources of income;

·Why incomes differ;

·Wealth – types and forms;

·Equality and equity (Fairness);

·Equity vs efficiency;

·Poverty – absolute and relative;

·Income distribution in the UK.

·How government redistributes income;

In addition we will be taking feedback from students and answering tricky questions with reference to the course, should you be having particular difficulty with any aspect of the theory.

I hope to see you soon.