Principles of Economics and Political Economy
Economics and Concepts Related to Entrepreneurship
What you'll learn
- Understand the history of economics and its subject
- Distinguish between physical capital and intellectual capital
- Understand factors of production and productivity
- Analyze the nature of production relations and how to manage them
- Understand production functions
- Study the economic cycle in distribution
- Study consumption, saving and investment
- Understand the economic problem
About this course
This course explains the principles of economics and political economy, along with the concepts linked to entrepreneurship. It starts with an introduction to the history of economics and its subject, then covers physical capital and intellectual capital. Next it explains the relationships between factors of production and productivity, the nature and management of production relations, and production functions. It then moves to the economic cycle in two parts: the first about distribution, the second about consumption, saving and investment. It ends with the economic problem. A downloadable workbook is included. The course suits students of economics and management, owners of small businesses, and anyone who wants to understand economics and how it affects daily life. You need no previous knowledge of economics, because the explanation starts from history and definitions and moves gradually to deeper concepts. By the end, you will be able to understand the basic principles of economics, analyze production relations, read the economic cycle, and connect all of this to a business idea and entrepreneurship in a simple, practical way.
Expected outcomes
- Comprehensive understanding of the fundamental principles of economics and political economy.
- Ability to analyze productive and economic relationships.
- Understanding the impact of economic cycles on societies.
- Critical thinking skills to analyze economic issues.
Learner reviews
- ★★★★★اسامه ا.·منذ 3 شهرشاهد 100٪
جيد وجميل كورس مفيد
- ★★★★★Mustafa M.·منذ 4 شهرشاهد 100٪
استفدت كثيرا
- ★★★★☆Ahmed E.·منذ 5 شهرشاهد 100٪
تم عرض كل التقييمات (3)
Course content
1Principles of Economics and Political Economy
9 lectures
- Introduction to the History of EconomicsA historical introduction to economics and how it was approached, from philosophy and religious thought under feudalism to the Physiocrats, and the difference between political economy and mathematical economics, macro and micro.16:46
- Subject of EconomicsExplains the subject of economics, which is the relations between factors of production, the evolving concepts of production and wealth, the four classical factors, and branches such as human, psychological, social and cultural capital.18:34
- Physical Capital and Intellectual CapitalExplains physical capital, including industrial capital, versus intellectual capital, which includes human, structural, socio-cultural and knowledge capital, the effect of country and administrative system, and project success factors.9:15
- Relations of Production Factors and ProductivityExplains relations between factors of production on the supply and demand sides, the concepts of efficiency, effectiveness and productivity, balancing input levels for the highest return, and the rise of business administration and managerial economics.12:02
- Nature and Management of Production RelationsExplains the direction of production relations in the structuralist, functionalist and structural-functionalist schools and the aim of development, showing that economic knowledge guides direction rather than giving definitive results like natural sciences.14:26
- Production Relations FunctionsExplains the production function in the marginalist school and its laws such as diminishing returns, isoquants and returns to scale, the optimal project size, and a comparison of small and large enterprises.11:55
- Economic Cycle (Distribution)Explains the economic cycle and the distribution stage, each production factor's share as rent, wage, interest and profit, the wage question and Keynes's ideas, and computing the capital value of labor in Excel.17:17
- Economic Cycle (Consumption - Saving - Investment)Explains the consumption, saving and investment stages of the economic cycle, the concept of utility and its value, the characteristics of needs, philosophies for obtaining utilities, and the difference between material and intangible investment.18:28
- The Economic ProblemExplains the economic problem, that needs exceed resources, the concept of inflation, the history of income disparity since the Industrial Revolution, development schools such as dependency and modernization, and the evolving idea of development.20:14
2Add-ons
1 attachments
- Download the Work Book
Instructor
Dr. Tamer Al-Batrawi
