Mastery of Applied Economics from Udemy

The subject examines various micro and macroeconomics topics, including demand and supply model, cost of production, resource allocation, market structures and market failures, macroeconomic indicators such as GDP, economic growth, inflation and unemployment, monetary and fiscal policy, and international trade. In this subject, students will also learn how to analyse the labour market, financial market and global economic issues such as financial and other crises.

Analyse and use theories, concepts and tools of economic analysis for applications in the relevant industries.

Analyse and evaluate the complex forces that affect the economic wellbeing of consumers, producers and the community in the market system.

Undertake research and apply theoretical and practical knowledge of economics in investigating the issues related to organisations and countries and the formulation of appropriate economic solutions and economic policies.
Critically evaluate and synthesize information from a wide range of sources to demonstrate research skills, show initiative in consulting the academic literature and demonstrate the capacity to document the outcomes with sound analysis and recommendations.

What's inside

Learning objectives

Gain a high-level understanding of the basic principles of economics and international trade.
Analyse and use theories, concepts and tools of economic analysis for applications in the relevant industries.
Analyse and evaluate the complex forces that affect the economic wellbeing of consumers, producers and the community in the market system.

Apply theoretical and practical knowledge of economics by investigating issues related to organisations and countries
Critically evaluate and synthesize information from a wide range of sources to demonstrate research skills

Gain a high-level understanding of the basic principles of economics and international trade.
Analyse and use theories, concepts and tools of economic analysis for applications in the relevant industries.
Analyse and evaluate the complex forces that affect the economic wellbeing of consumers, producers and the community in the market system.
Apply theoretical and practical knowledge of economics by investigating issues related to organisations and countries
Critically evaluate and synthesize information from a wide range of sources to demonstrate research skills

Syllabus

General Concepts and Microeconomics

Lecture 1.1: Definition of 'Economy' and 'Economics'

Lecture 1.2: Economics - Theoretical Foundations

Lecture 1.3: Macro and Microeconomics

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Explores micro and macroeconomics, which are fundamental for students pursuing degrees or careers in economics, finance, or related fields

Covers market structures, including competitive markets and monopolies, which is relevant for business analysts evaluating industry dynamics

Examines macroeconomic indicators like GDP, inflation, and unemployment, which are essential for understanding economic performance and policy

Discusses monetary and fiscal policy, which are crucial for policymakers involved in economic management and government decision-making

Includes a self-knowledge quiz, which may help learners assess their understanding of core concepts and identify areas for further study

Requires learners to analyze and evaluate complex forces affecting economic wellbeing, which may require some prior exposure to economic concepts

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Covers wide range of economics topics.

"Includes core micro and macroeconomics principles."

"Explores policies, markets, and sub-branches like labor and financial economics."

"Case studies are mentioned, suggesting practical examples."

Course likely targets professionals.

"The course covers applied economics topics relevant to industry and organizations."

"Likely suited for professionals or advanced students in economics or finance."

"Content seems focused on practical application and analysis."

Activities

Be better prepared before your course. Deepen your understanding during and after it. Supplement your coursework and achieve mastery of the topics covered in Mastery of Applied Economics with these activities:

Review Basic Economic Principles

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Reinforce your understanding of fundamental economic concepts before diving into more advanced topics. This will provide a solid foundation for grasping the course material.

Browse courses on Supply and Demand

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Review introductory economics textbooks or online resources.
Complete practice quizzes on supply, demand, and market equilibrium.
Summarize key concepts in your own words.

Read 'Naked Economics: Undressing the Dismal Science'

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Gain a broader understanding of economic principles through real-world examples and engaging explanations. This book complements the course material by providing a practical perspective.

View Naked Economics: Undressing the Dismal Science on Amazon

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Read the book, taking notes on key concepts and examples.
Relate the book's examples to the topics covered in the course.
Discuss the book's ideas with classmates or in online forums.

Practice Macroeconomics Problem Sets

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Reinforce your understanding of macroeconomics by working through problem sets with peers. This will allow you to learn from each other and identify areas where you need more help.

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Form a study group with classmates.
Choose a set of macroeconomics problems to work on.
Work through the problems together, discussing your approaches and solutions.
Review any concepts that you found difficult.

Four other activities

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Analyze a Local Market

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Apply economic principles to a real-world scenario by analyzing a local market. This project will solidify your understanding of supply, demand, and market equilibrium.

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Choose a local market to analyze (e.g., farmers market, housing market).
Gather data on supply, demand, and prices in the chosen market.
Analyze the data using economic principles.
Write a report summarizing your findings and conclusions.

Create an Explainer Video on Fiscal Policy

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Solidify your understanding of fiscal policy by creating an engaging explainer video. This will help you communicate complex concepts in a clear and concise manner.

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Research fiscal policy and its effects on the economy.
Write a script for your explainer video.
Create visuals to illustrate your points.
Record and edit your video.

Read 'Basic Economics' by Thomas Sowell

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Gain a deeper understanding of economic principles and their real-world applications. This book provides a comprehensive overview of economics from a classical perspective.

View Basic Economics on Amazon

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Read the book, taking notes on key concepts and examples.
Relate the book's examples to the topics covered in the course.
Discuss the book's ideas with classmates or in online forums.

Create a Data Visualization of Economic Indicators

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Develop your data analysis and visualization skills by creating a data visualization of key economic indicators. This will help you understand trends and patterns in the economy.

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Choose a set of economic indicators to visualize (e.g., GDP, inflation, unemployment).
Gather data on the chosen indicators from reliable sources.
Create a data visualization using a tool like Tableau or Python.
Write a report explaining your visualization and its implications.

Career center

Learners who complete Mastery of Applied Economics will develop knowledge and skills that may be useful to these careers:

Economist

As an Economist, you will analyze economic issues, conduct research, and provide forecasts to inform policy decisions or business strategies. This course, with its coverage of micro and macroeconomics, including the demand and supply model, GDP, economic growth, inflation, and unemployment, helps build a foundation for understanding the complex economic forces at play. The course's focus on analyzing and using economic theories and concepts within relevant industries directly prepares you for the analytical work involved in this role. The subject's emphasis on research skills, specifically the critical evaluation and synthesis of information from a wide range of sources, further enhances your capabilities as an Economist.

See salaries and explore the career path for Economist

Economic Consultant

Economic Consultants provide expert economic analysis and advice to businesses, governments, and legal firms. This course, covering micro and macroeconomics, including the demand and supply model, market structures, and macroeconomic indicators, creates the economic foundation needed for the role. As the Economic Consultant, you'll be responsible for analyzing and using economic theories and concepts to craft solutions for your clients. The course focus is on researching and applying economic knowledge to issues related to organizations and countries, and it is advantageous to anyone who aspires to this career.

See salaries and explore the career path for Economic Consultant

International Trade Specialist

An International Trade Specialist facilitates trade between countries, ensuring compliance with regulations and optimizing trade processes. The subject explores international trade, exchange rates, and trade barriers; it helps build a valuable knowledge base for anyone involved in international commerce. An International Trade Specialist must understand these principles, as well as apply economic knowledge to investigate issues related to organizations and countries. This course may be helpful to anyone who wants to become an International Trade Specialist.

See salaries and explore the career path for International Trade Specialist

Policy Analyst

Policy Analysts research and analyze existing policies and their effectiveness, and then recommend new policies or changes to existing ones. With its coverage of macroeconomics, economic policies, and market failures, this course helps build a solid understanding of the factors that influence policy decisions. Moreover, the course's emphasis on critically evaluating information from a range of sources directly aligns with the research and analytical skills required for this role. This course is may be helpful to anyone who aspires to be a Policy Analyst.

See salaries and explore the career path for Policy Analyst

Investment Banker

As an Investment Banker, you'll advise companies on raising capital through the issuance of stocks and bonds, as well as mergers and acquisitions. This course, particularly its examination of financial markets, economic policies, and international trade, helps build a valuable framework for understanding the financial landscape. Anyone who wants to be an Investment Banker should take a course that helps with analyzing complex forces that affect economic wellbeing and understanding the application of economics in investigating issues related to organizations and countries.

See salaries and explore the career path for Investment Banker

Financial Analyst

A Financial Analyst evaluates financial data, provides investment recommendations, and helps organizations make informed financial decisions. With its coverage of monetary and fiscal policy, as well as the analysis of the financial market, this course provides a valuable foundation for understanding the macroeconomic factors that influence financial performance. The course material on economics may help you to analyze financial data and evaluate investment opportunities, and the topics exploring market structures and failures ensure you understand the broader context in which financial decisions are made. This course may be useful to anyone who wants to become a Financial Analyst.

See salaries and explore the career path for Financial Analyst

Management Consultant

A Management Consultant advises organizations on how to improve their performance and efficiency. This course, with its broad coverage of micro and macroeconomics, helps build a framework for understanding the economic environment in which businesses operate. The course's focus on analyzing and evaluating complex forces that affect economic wellbeing, as well as applying economic knowledge to investigate issues related to organizations, directly supports the problem-solving skills required for this role. The person who wants to be a Management Consultant may find this course useful.

See salaries and explore the career path for Management Consultant

Market Research Analyst

Market Research Analysts study market conditions to examine potential sales of a product or service. The material in this course, including microeconomics, demand and supply, and market efficiency, helps build the foundation for understanding consumer behavior and market dynamics. Your analyses will be stronger because the course helps with researching and evaluating complex forces that affect the economic wellbeing of consumers, producers, and the community in the market system. The course may be helpful to anyone who wants to become a Market Research Analyst.

See salaries and explore the career path for Market Research Analyst

Labor Relations Specialist

Labor Relations Specialists mediate disputes between workers and management, negotiate collective bargaining agreements, and ensure compliance with labor laws. The exploration of labor economics will be helpful to anyone who wishes to break into this industry, because it provides a framework for understanding the economic factors that influence employment, wages, and working conditions. This role can be competitive and typically requires an advanced degree.

See salaries and explore the career path for Labor Relations Specialist

Underwriter

An Underwriter evaluates and assesses the risk of insuring individuals or assets, determining appropriate coverage and premiums. This course will be helpful as its coverage of macroeconomic indicators such as GDP, inflation, and unemployment, provides a basis for understanding the economic environment in which financial risks are assessed.

See salaries and explore the career path for Underwriter

Urban and Regional Planner

Urban and Regional Planners develop plans and programs for the use of land, helping to create communities, accommodate population growth, and revitalize physical facilities in urban and metropolitan areas. This course, with its foundation in micro and macroeconomics, including resource allocation, externalities, and economic growth, helps build a framework for understanding the economic forces that shape urban development. Any prospective Urban and Regional Planner will value studying the material involving analyzing and evaluating the complex forces that affect the economic wellbeing of communities in the market system.

See salaries and explore the career path for Urban and Regional Planner

Actuary

An Actuary assesses and manages financial risks, often in the insurance industry. This course, with its coverage of macroeconomic indicators such as GDP, inflation, and unemployment, provides a basis for understanding the economic environment in which financial risks are assessed. The course may be helpful to anyone who wants to build a solid foundation in economic principles and their applications.

See salaries and explore the career path for Actuary

Real Estate Appraiser

A Real Estate Appraiser estimates the value of properties. This course, with its coverage of microeconomics, demand and supply, and market structures, can help you to understand the factors that influence property values. The topics on market failures and externalities may be useful in assessing the non-economic factors that can impact real estate values. This is a course that will benefit anyone who wants to be a Real Estate Appraiser.

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Data Scientist

Data Scientists analyze large datasets to extract meaningful insights and inform decision-making. While this course may not directly focus on data science techniques, its coverage of economic theories and concepts, as well as its emphasis on critical evaluation and synthesis of information, provides a valuable contextual understanding for analyzing economic data. A Data Scientist may find the course helpful as they build economic models and interpret results.

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Business Development Manager

A Business Development Manager identifies and pursues new business opportunities to drive growth and revenue. This course, with its coverage of micro and macroeconomics, provides a foundation for understanding market dynamics, competition, and economic trends that influence business decisions. A Business Development Manager may find the course helpful, especially in understanding market structures and identifying potential areas for growth.

See salaries and explore the career path for Business Development Manager

Mastery of Applied Economics

What's inside

Learning objectives

Syllabus

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Activities

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