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Available courses

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This course provides a comprehensive introduction to the fundamental principles of economics, split into two major branches: Microeconomics and Macroeconomics. The goal is to equip students with the analytical tools to understand how individuals, businesses, and governments make decisions in the face of scarcity.

Part 1: Microeconomics

This section focuses on the behavior of individual economic agents.

 * Introduction to Scarcity and Choice:

   * Scarcity: The fundamental economic problem where resources are limited but wants are unlimited.

   * Opportunity Cost: The value of the next best alternative that is forgone when a choice is made.

   * Production Possibilities Frontier (PPF): A model illustrating trade-offs and efficiency.

 * Supply and Demand:

   * Demand: The relationship between the price of a good and the quantity consumers are willing and able to buy.

   * Supply: The relationship between the price of a good and the quantity producers are willing and able to sell.

   * Market Equilibrium: The point where the quantity demanded equals the quantity supplied.

   * Market Interventions: The effects of price ceilings, price floors, and taxes.

 * Elasticity:

   * Price Elasticity of Demand/Supply: Measures the responsiveness of quantity demanded/supplied to changes in price.

   * Income and Cross-price Elasticity: Measures the responsiveness to changes in income and the price of related goods.

 * Consumer Theory:

   * Utility and Marginal Utility: Explains how consumers make choices to maximize satisfaction.

   * Indifference Curves and Budget Constraints: A graphical representation of consumer choice.

 * Producer Theory (Firms and Production):

   * Production Costs: Analysis of fixed, variable, total, average, and marginal costs.

   * Market Structures:

     * Perfect Competition: Many buyers and sellers, identical products.

     * Monopoly: A single seller dominates the market.

     * Monopolistic Competition: Many firms, but with differentiated products.

     * Oligopoly: A few large firms dominate the market, often leading to strategic interaction (e.g., Game Theory).

 * Market Failures and Government Intervention:

   * Externalities: Positive and negative side effects of production or consumption (e.g., pollution).

   * Public Goods: Goods that are non-excludable and non-rivalrous (e.g., national defense).