Module 1 - Background
Key Economic Terms and Concepts
Amos, O. (n.d.). A brief introduction to get you started. A Pedestrian's Guide to the Economy. Retrieved February 25, 2009 from: http://www.amosweb.com/pdg/
King, W. (1999). Chapter 1: Economics: A reasonable dialogue. Essential Principles of Economics: A Hypermedia Text. Drexel University, Philadelphia, PA. Retrieved February 25, 2009 from: http://william-king.www.drexel.edu/top/prin/txt/EcoToC.html
King, W. (1999). Chapter 2: The neoclassical perspective. Essential Principles of Economics: A Hypermedia Text. Drexel University, Philadelphia, PA. Retrieved February 25, 2009 from: http://william-king.www.drexel.edu/top/prin/txt/Neoch/Ch2ToC.html
Reynolds, R. L. (2005). Chapter 1: The Nature of Economics Alternative Microeconomics. Boise State University. Retrieved February 25, 2009 at: http://www.boisestate.edu/econ/lreynol/web/PDF/Short_1_Introduction.pdf
Smith, H. (2001), Adam Smith and the Invisible Hand, Millennium Mathematics Project, University of Cambridge. Retrieved February 25, 2009.
If you'd like to sample how another course works, check out Dr. Glen Platt's ECO 201, Principles of Microeconomics course. Click on "The Classroom" to get access to a set of interesting presentations on various topics.
The Resources for Economists page always has interesting and current links to follow up.
Economics on the Web always has interesting current links as well.
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1. What is the organization you are going to use? Why do you think it will be an interesting focus for your economic analysis?
The organization that I am going to use is my workplace. This is an organization that produces and markets machine tools. The most common machine tools that my company produces and sells are drills, lathes, shaping machines and planning machines. This is an interesting focus in my economic analysis because almost every economic principle can be observed in the function of the company. In my opinion the concepts of demand and supply can be observed. The shifts in demand can be perceived. The change in the elasticity of demand for different machine tools can be observed.
In my workplace the production function can be perceived, the way in which the cost of production affects the prices of drilling machines, lathes and other machines. The shifts in supply curve because of cost conditions can be observed in action. Several times, I used to wonder, why changes in the production process take place and why the production plan changes. Now after understanding some economic terms it seems that I am in a better position to understand these.
The organization for which I work will be an interesting focus because it will allow me to understand the factors that affect the demand for machine tools. Earlier, I had wondered why the demand for certain machine tools increased at times. It also puzzled my how the market behavior charged. The ...
This explanation provides you a comprehensive argument relating to economic terms