Core-018 The Basics of Economics
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About Core-018 The Basics of Economics
About the Teacher
Jay Moulton
Jay Moulton is a business veteran. In short:
- Corporate finance and turnaround expert in U.S. and Canada
- CEO or operator of numerous companies in many industries
- 30 years of actually applying business economics principles
- Successfully led and invested in several leveraged buyouts
- Director or advisor to 30+ different companies
- Experience in both for-profit and not-for-profit sectors
- Producer of 700 professional videos and several TV shows
- Author of six economics and business strategy books
- Graduate of Harvard Business School MBA program
- Graduate of The Royal Military College of Canada
- Professional electrical engineer
- Governor of the Harvard Club of British Columbia
The Basics of Economics
MODULE 1
Maybe the best way to describe economics is that it is a set of tools that make it possible to better explain the world around us. In this chapter, we examine how income flows and how consumers make choices.
Circular Flow of Income
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Learning objectives for this chapter - How Income Flows
Opportunity Cost vs. Choice
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In this lesson, you will learn to: Describe the concept of opportunity costs using the examples of guns and butter.
An introduction to opportunity cost
Businesses make many spending choices every day. When corporations make profits, they can choose to share some of those profits with their workers as higher wages or the corporation can invest in capital and machinery. Every dollar spent as a worker's wage increase is one dollar less that can be invested in machinery or distributed to shareholders.
Businesses make many spending choices every day. When corporations make profits, they can choose to share some of those profits with their workers as higher wages or the corporation can invest in capital and machinery. Every dollar spent as a worker's wage increase is one dollar less that can be invested in machinery or distributed to shareholders.
Governments have to decide how to spend taxpayers' money. Economists call this a choice between guns and butter. Guns represent the expenditures that governments make on military, and butter represents all the non-military expenditures, like investments in the environment, healthcare, roads and education.
Selfish and Self Interest
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In this lesson, you will learn to: Describe the differences between public goods and private goods
The video differentiates between the selfish and self-interested individuals, where economic agents are assumed to be self-interested.
This video explores how some famous figures might spend $1 billion.
This assessment will test your knowledge of Public Goods.
Time Value of Money
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In this lesson, you will learn to: Describe the differences between public goods and private goods
M&M candies are used to show the power of compound interest. Future consumption can be dramatically increased by sacrificing current consumption.
Present value of money versus the future value of money is reviewed, using the cost analysis of a metal roof versus that of an inferior asphalt roof.
A concise analysis of the metal and asphalt roofs in nominal dollars.
A concise analysis of the metal and asphalt roofs using present values.
This assessment will test your knowledge of Public Goods.
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