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Foundations

Intro to Economics (LCI1103)


Description
In a world of scarcity, economics looks at how decisions are made when resources are limited. And in this course, we introduce some of the fundamentals of economics. From measuring economic growth, phases of the business cycle, and key labour market indicators, to the impact of inflation, the role of interest rates, monetary and fiscal policy.
Content
  • Introduction
  • Economic Fundamentals
  • What is Economics?
  • Micro and Macro Economics
  • Economic Influencers and Marketplaces
  • Supply and Demand
  • Remembering the Supply Demand Curve
  • Measuring Economic Productivity
  • Gross Domestic Product (GDP)
  • Real and Nominal GDP
  • GDP Growth Drivers
  • Phases of the Business Cycle
  • Economic Indicators
  • Measuring a Recession
  • Key Labour Market Indicators
  • Types of Unemployment
  • Interest Rates and Inflation
  • The Role of Interest Rates
  • Nominal and Real Interest Rates
  • The Nature of Money and Inflation
  • Consumer Price Index (CPI)
  • Understanding Inflation
  • The Impact of Inflation
  • Understanding Output Gap
  • Demand-pull and Cost-push Inflation
  • Deflation and Disinflation
  • Economic Policy and Trade
  • Monetary Policy
  • Fiscal Policy
  • Current and Capital Accounts
Completion rules
  • All units must be completed
  • Leads to a certificate with a duration: Forever
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