Are you seeking insights into the economic forces shaping business, strategy, and community development? If so, this course is a stepping stone towards mastering the principles of economics and is ideal for aspiring entrepreneurs, policymakers and anyone interested in the dynamics of the economy.
Introduction to Economics is a professional development course that offers an introductory exploration into the foundational aspects of economics, targeting a broad audience from small-business owners to investors and finance professionals.
In this online course, you will delve into economic definitions, supply and demand, the division of labour, microeconomics, macroeconomics, and economic resources. You will also gain insight into economic principles, laws, costs, and the dynamics of different economic systems.
You will also learn to apply economic theories to real-world scenarios, enhancing your financial awareness and decision-making skills for various sectors and roles.
On completion of this course, you will have a solid foundation in economics, equipped with the tools to analyse market behaviours, make informed financial decisions, and contribute to discussions on economic policy and strategy.
Course Structure
Unit - Economics Introduction
Unit 1 – Scope and Nature of Economics
- Economics – a definition
- Goods
- Services (intangible goods)
- Supply and demand
- Division of labour
- Branches of economics
- Microeconomics
- Macroeconomics
- Economic resources
- Value
- Performance criteria for an economy
- Economic stability
- Economic efficiency
- Economic growth
- Equity
- Social efficiency
- Other economic performance indicators
- Understanding basic economic principles
Unit 2 – Economic Laws
- Rules that regulate economic activity
- Laws of economics
- Capitalist economies
- Socialist economic laws
- International organisations
- Supply and demand
- Law of demand
- Law of supply
- Equilibrium of supply and demand
- Economies of scale
- Specialisation of labour
- Integration of technology to boost production
- Larger advertising
- Bulk buying
- Lower costs of capital
- Diseconomies of scale
- Law of substitution
- Law of diminishing return
- Competitive equilibrium
- Law of diminished marginal utility
- Competition
- competitive market
- International economic law
Unit 3 – Wants, Needs and Satisfaction
- Scarcity
- Wants and needs
- Substitutes (perfect and imperfect)
- Satisfaction
- Reducing wants
- Increase economic growth
- Take over resources of other nations
- Identifying customer wants and needs
- Measuring satisfaction
- Developing ideas – research and development
Unit 4 – Costs
- Cost definition
- Economic cost
- Types of economic costs
- Opportunity cost
- Sunk cost
- Fixed and variable costs
- A focus on labour costs
- Total, marginal and average costs
- Avoidable costs
- Cost of production
- Exchange rates
- Import and export tariffs
- Land value
Unit 5 – Determining Value And Price
- Determining value and price
- Value in economics
- Willingness to pay
- Price in economics
- Profit maximisation
- Revenue maximisation
- Gaining market share
- Price discrimination
- Reference pricing
- Bundle pricing
- Psychological pricing
- Pay what you want
- Price matching
- Penetration pricing
- Understanding competition
- Perfect competition
- Monopolistic competition
- The uniqueness or personality of the product or brand
Unit 6 – Wealth Income, Investment, Interest Rates And Profit
- Government, commercial and international influences on wealth
- Income
- Investment
- Types of financial investments
- Interest rates
- Risk management
- Swot analysis
- Pippa’s party planning SWOT analysis
- Strengths and weaknesses
- Opportunities and threats
- Avoidance
- Retention
- Integration of technology to boost production
- Sharing
- Transferring and reduction
- Risk assessment
- Unit 7 government, commercial and international influences
Unit 7 – Factors affecting the health of an economy
- Economic ownership
- Social and economic factors
- Factors affecting economic health internationally
- The significance of studying the global economy
- Micro- and macroeconomics
- Long-term global economic outlook
- Who controls the global economy?
- Financial policies
- Monetary policy
- Fiscal policy
- Pension funds
- Trading
- Types of financial markets
- Stock and bond markets
- Derivative markets
- 3 main foreign exchange markets
- Commodities markets
- Cryptocurrency markets
- Ethics, justice, and morality in financial markets
- Sustainability in financial markets
Unit 8 – International Economic Systems
- Economic systems
- Public economic systems
- Private economic system
- Traditional economic system
- Mixed economies
- Trade across country borders
- Trade agreements
- Free trade area
- Preferential trade area
- Custom union
- Economic union
- The Organisation of the Petroleum Exporting Countries (OPEC)
Unit 9 – PBL Project
Study Hours
Estimated duration 50 hours
Course Delivery and Start
Start anytime, self-paced and 100% online
Assessment
Assessment will be comprised of written exercises, including short-answer questions, reflective tasks, short reports and/or projects. There are no examinations or due dates for assessment. As a result, you can complete training in your own time and at your own pace with the assistance of unlimited tutor support.
Testimonials
About Us
Graduation
A Certificate of Attainment and Statement of Results will be issued upon successful completion of this course.
How to Enrol
Enrol Online: Enrol Now
Enrol via Live Chat (Business Hours)
Enrol via Telephone 1300 76 2221 (Business Hours)
Enrol via Purchase Order/Tax Invoice
Enrolling Multiple Staff?
To enrol multiple staff, please complete the Employer Enrolment Form. We’ll be in touch within 60 minutes during business hours!
Payment Options
Visa, Mastercard, BPAY and EFT/Direct Deposit. Please allow 1-2 Business days for processing for EFT and BPAY.
Course FAQs
Why Choose Australian Online Courses?
- Professional development that is widely recognised and respected;
- Improve your employment opportunities;
- Study online, anywhere via our elearning system;
- High-quality professional development programs written by industry experts;
- All course materials provided online – no textbooks to buy;
- Unlimited tutor support via email;
- We offer twelve (12) months’ access, with extensions available upon application (fees apply);
- Course may be tax deductible; see your tax advisor.
Are there any entry requirements or pre-requisites?
There are no course or subject pre-requisites for entry into our programs. However, our professional development programs are generally intended for people over the age of 18. In some circumstances, enrolments from younger people may be considered. Please complete the AOC Parent Guardian Consent Form prior to enrolling and submit here.
Are there any computer requirements?
To study online with Australian Online Courses you will need a computer (desktop PC/laptop) running a current/updated operating system with reliable high-speed internet access. You will need to use the Google Chrome browser to access your course.
When can I start this course?
You can start within 60 minutes during business hours when you enrol and pay in full with a credit card!
Credit card: Within 60 mins during business hours.
BPAY: Within 1-2 working days.
Internet Banking: Within 1-2 working days.
Cheque/Money Order: Upon receipt of mailed cheque.
How is this course delivered?
This course is delivered online via our easy-to-navigate Learning Management System (LMS), where you will discover interactive online learning/written content, resources and assessment.
Do I need to attend classes or undertake any work placements?
No. All courses are delivered online via our LMS and there are no work placement requirements in this course.
What support can I expect from Australian Online Courses?
Unlimited tutor support is available throughout your studies via email only during business hours Monday to Friday. Our Administrative team are available Monday to Friday via email, live chat and telephone.
I am an international student. Can I enrol into this course?
Yes! We accept enrolments from individuals both within Australia and internationally; location is no barrier to entry into our programs.
Career Pathways
Future growth
Strong
Unemployment
Low
Professional Development for:-
- Aspiring entrepreneurs
- Policy analysts
- Small-business owners
- Business advisor
- Product Manager
- Accounting personnel
- Bookkeepers
- Finance administrators
- Legal assistants
- Budget planners
- Investors – individuals
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