Course Description

Economic Principles: Cooperation and Prosperity

This course has two main goals:

1. Equipping learners with the basic economic principles required for understanding a variety of economic issues; and

2. Showing how individuals cooperating in a market economy gives way to astonishing prosperity.

You have probably heard terms like scarcity, opportunity cost, supply and demand, and profit and loss, but you may not know how they are all related or what they have to do with economics. Understanding these terms and other basic economic principles will change the way you view the world. This course is also designed as a first course in economics – if you intend to take more courses, this is a great place to start.

You’ll learn about the solution to the Diamond-Water Paradox and learn to spot and avoid the Broken Window Fallacy. You’ll see the beauty of the division of labor and see the consequences of government interventions in the economy with reference to price controls, regulations and more, and you’ll understand the importance of losses in the market economy. You’ll also grasp consumer sovereignty and you’ll come to admire the spontaneous order of the market economy, so in the end, you’ll see how freer economies have higher standards of living, longer lives, and less social unrest because people's needs are being met.

FEE Courses

Course curriculum

  • 1

    Economic Principles: Cooperation and Prosperity

    • Course Overview

  • 2

    Lesson One: Scarcity and Opportunity Cost

    • Introduction

    • Scarcity

    • Watch Video

    • Opportunity Costs

    • Watch Video

    • The Broken Window Fallacy

    • Watch Video

    • Match the Terms!

    • Lesson Recap

  • 3

    Lesson Two: Thinking at the Margin

    • Introduction

    • Diamond-Water Paradox

    • Watch Video

    • Diminishing Marginal Utility

    • Watch Video

    • It's the Margin that Counts

    • Read Article

    • Match the Terms!

    • Lesson Recap

  • 4

    Lesson Three: Gains from Trade

    • Introduction

    • Trade is Win-Win

    • Watch Video

    • International Trade is Win-Win

    • Watch Video

    • Lesson Quiz

    • Lesson Recap

  • 5

    Lesson Four: The Division of Labor and Specialization

    • Introduction

    • Comparative Advantage

    • Read Article

    • Specialization

    • Watch Video

    • Cooperation and Competition

    • Read Article

    • Match the Terms!

    • Lesson Recap

  • 6

    Lesson Five: Markets and Prices

    • Introduction

    • Supply and Demand

    • Watch Video

    • How the Price System Works

    • Read Chapter

    • Lesson Quiz

    • Lesson Recap

  • 7

    Lesson Six: Profit and Loss

    • Introduction

    • The Pursuit of Profit

    • Read Article

    • The Importance of Loss

    • Watch Video

    • Match the Terms!

    • Lesson Recap

  • 8

    Lesson Seven: Government Intervention

    • Introduction

    • Price Controls

    • Watch Video

    • Watch Video

    • Entrepreneurship Stifled

    • Watch Video

    • Moral Hazard

    • Watch Video

    • Match the Terms!

    • Lesson Recap

  • 9

    Lesson Eight: The Order and Prosperity of the Market Economy

    • Introduction

    • I, Pencil

    • Watch Video

    • Spontaneous Order

    • Watch Video

    • Hockey Stick of Economic Growth

    • Watch Video

    • Watch Video

    • Economic Freedom and Prosperity

    • Watch Video

    • Watch Video

    • Lesson Quiz

    • Lesson Recap

    • Course Summary