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Economics for Beginners: Buyers, Sellers & Product Pricing

The Easiest Beginner Level Course on Economics With Real Life Examples. Perfect for Newbies.

Created byShubham Kalra
BeginnerUpdated Aug 13, 2020

What You'll Learn

  • check_circleDefine key elasticity concepts.
  • check_circleCalculate price elasticity.
  • check_circleExplain income elasticity of demand.
  • check_circleUnderstand cross-price elasticity.
  • check_circleMeasure supply elasticity.

About This Course

Welcome to Economics for Beginners: Buyers, Sellers & Product Pricing. This course provides a foundational understanding of the key economic forces that govern markets and influence how prices are set and perceived.

Understanding how buyers and sellers react to changes in income, prices, and other factors is essential for grasping market dynamics. We delve into the crucial concept of elasticity, a vital measure of responsiveness in economic relationships.

In this course, you will explore:

  • Income elasticity of demand and its implications for classifying goods as normal or inferior.
  • Cross-price elasticity of demand, revealing the relationship between substitute and complementary goods.
  • Price elasticity of supply, examining how producers adjust output based on price fluctuations.
  • Methods for calculating and interpreting different types of elasticity.

By the end of this course, you will have a solid grasp of these fundamental economic principles, enabling you to better understand consumer and producer behavior and the factors that shape product pricing in real-world markets.

Course Content

5 activities • 27 videos • duration: 1h 39m

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Demand-Part17 videos • 1 quiz • 35 min
  • videocamDemand and Quantity Demanded
    Duration 2:55
  • videocamLaw of Demand and Demand Curve
    Duration 5:49
  • videocamBonus Lecture: Exceptions to the law of demand
    Duration 8:29
  • videocamIndividual Demand and Market Demand
    Duration 2:06
  • videocamMovements along a Demand Curve (Change in Quantity Demanded)
    Duration 1:59
  • videocamShifts in Demand Curve (Change in Demand)
    Duration 7:12
  • videocamShifts in Demand Curve (Continued)
    Duration 7:17
  • quizQuiz - Demand
add
Supply-Part14 videos • 1 quiz • 10 min
add
Demand and Supply Together-Part14 videos • 1 quiz • 14 min
add
Elasticity of Demand-Part18 videos • 1 quiz • 28 min
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Elasticity of Supply-Part14 videos • 10 min

Your Instructor

Shubham Kalra

Author and Online Economics Tutor

menu_book1 courses
star15 reviews

Shubham Kalra has a Major in Economics and has worked as a Business Analyst in one of the largest banking and financial services organisations in the world. He has done research projects in Education and Infrastructure Sector in India involving field work and analysis of data. He holds a diploma in Financial Planning and has good understanding of Risk Management concepts and Financial Instruments as well. He has been teaching since his college days in one way or another. It was in 2015, when he started teaching full time and has catered to students from 50 universities since then. His areas of specialisation include Economics, Statistics, Econometrics, Finance and Game theory.

Credit Information

Is this course eligible for my CPD requirements as a Canadian CPA?

Provincial regulators of CPAs in Canada do not require that independent providers of CPD be approved to offer courses. Instead, individual CPAs are responsible for assessing whether a CPD activity meets their requirements, and may take activities from any source provided those requirements are met.

Every course offered on LearnFormula is delivered by a qualified subject matter expert or learning organization, and advances learning objectives that are relevant to the responsibilities or professional competencies of Canadian CPAs. All activities on LearnFormula are quantifiable in terms of hours, and are also verifiable, in that users receive documented evidence of their attendance via a certificate of completion after finishing a course (and this certificate is stored by LearnFormula indefinitely). Nearly 100,000 Canadian CPAs successfully satisfy their CPD requirements via LearnFormula on an annual basis.

What Students Are Saying

4.1 out of 5
Student's Choice
15 reviews
  • FM
    Farai M.
    starstarstarstarstar

    As a non Economics professional, I found this interesting as it helped me to understand the basics of economics in order to understand basic supply and demand rules. Great introduction course.

Frequently Asked Questions

We are a registered provider with 300+ associations and regulatory bodies worldwide. We operate across 27 global markets including Canada, the US, Australia, and the UK. Every course page clearly displays its specific accreditations. Upon completion, you receive a professional certificate that can be validated online. Our certificates include all necessary accreditation details, credit hours, and completion dates, and are formatted specifically to meet the submission requirements of most global regulatory bodies.

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