Core-001 The Basics of Economics
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About Core-001 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
This module includes an introduction to economics and lessons that cover these topics: How Income Flows, Opportunity Cost vs Choice, Production Possibility Frontier, and Public Goods.
What Is Economics?
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This is a short introductory lesson that covers the definition of economics.
How Income Flows
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Learning objectives for this chapter - How Income Flows
In this video, we review the concept of rational economic exchange, using an example of a pizzeria producing and delivering pizzas to consumers.
Households and firms interact in two markets: the market for goods and services and the market for factors of production.
This lesson uses DoorDash to explore how this disruptive business model changed the pizza industry.
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.
We apply the economics concept of opportunity costs to the decision facing companies' information technology projects.
Production Possibility Frontier
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In this lesson, you will learn to describe the concept of opportunity costs using the examples of fans and planes.
The video explains scarcity as a fundamental concept in economics, from the point of view of a firm. This firm produces planes and fans with the resources available in the economy.
The production of apples and iron ore pellets in Michigan's Upper Peninsula is used, as an example, to demonstrate how economic resources are allocated.
The production of apples and iron ore pellets in Michigan's Upper Peninsula is used, as an example, to demonstrate how economic resources are allocated.
The production possibility frontier allows you to see all the possibilities for production. Take the Upper Peninsula of Michigan and compare the production of apples to the production of iron ore.
In this lesson we apply the concept of the production possibilities curve to the decision that many marketers face when allocating budgets between Google search ads and SEO activities.
Public Goods
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In this lesson, you will learn to: Describe the differences between public goods and private goods
The video examines how public goods and private goods differ, including issues and factors that affect pricing, determination of optimal quantity and financing.
Public goods are unlike private goods in that it is much more difficult to determine what the equilibrium price is, and what the equilibrium quantity will be.
A "free rider" is someone who benefits from a good, service or resource without paying for it.
This lesson examines the application of neurotechnology to the free rider problem.
This assessment will test your knowledge of Public Goods.
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