101 Things Everyone Should Know About Economics

Economics is the study of how people make decisions in the face of scarcity. It is a vast and complex field of study, but there are some basic concepts that everyone should know.

101 Things Everyone Should Know About Economics: A Down and Dirty Guide to Everything from Securities and Derivatives to Interest Rates and Hedge Funds - And What They Mean For You

by Alvin E. Roth

4.1 out of 5

Language	:	English
File size	:	9706 KB
Text-to-Speech	:	Enabled
Screen Reader	:	Supported
Enhanced typesetting	:	Enabled
Print length	:	346 pages

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Microeconomics

Microeconomics is the study of individual markets and how they interact. Some of the key concepts in microeconomics include:

• Supply and demand
• Market equilibrium
• Price elasticity
• Consumer behavior
• Producer behavior

Macroeconomics

Macroeconomics is the study of the economy as a whole. Some of the key concepts in macroeconomics include:

• Gross domestic product (GDP)
• Inflation
• Unemployment
• Fiscal policy
• Monetary policy
• International trade

101 Things Everyone Should Know About Economics

1. Economics is the study of how people make decisions in the face of scarcity.
2. Scarcity means that there are not enough resources to satisfy everyone's wants and needs.
3. Economics is divided into two main branches: microeconomics and macroeconomics.
4. Microeconomics is the study of individual markets and how they interact.
5. Macroeconomics is the study of the economy as a whole.
6. Supply and demand is one of the most important concepts in economics.
7. Supply and demand determines the price of goods and services.
8. Market equilibrium is the point at which supply and demand are equal.
9. Price elasticity measures how responsive consumers are to changes in price.
10. Consumer behavior is the study of how consumers make decisions.
11. Producer behavior is the study of how producers make decisions.
12. Gross domestic product (GDP) is the total value of all goods and services produced in a country in a year.
13. Inflation is a sustained increase in the general price level.
14. Unemployment is the number of people who are able and willing to work but cannot find jobs.
15. Fiscal policy is the use of government spending and taxation to influence the economy.
16. Monetary policy is the use of interest rates and other tools to influence the economy.
17. International trade is the exchange of goods and services between countries.
18. Comparative advantage is the ability of a country to produce a good or service at a lower opportunity cost than another country.
19. Free trade is the exchange of goods and services without government intervention.
20. Protectionism is the use of government policies to protect domestic industries from foreign competition.
21. Tariffs are taxes on imported goods.
22. Quotas are limits on the amount of goods that can be imported.
23. Exchange rates are the prices of currencies in terms of other currencies.
24. The balance of payments is a record of all economic transactions between a country and the rest of the world.
25. The current account is a record of a country's trade in goods and services.
26. The capital account is a record of a country's investment income and capital flows.
27. Economic development is the process of improving the economic well-being of a country.
28. Economic growth is the increase in the production of goods and services.
29. Human capital is the knowledge and skills of a country's workforce.
30. Social capital is the networks and relationships that facilitate economic activity.
31. Institutions are the rules and norms that govern economic behavior.
32. Property rights are the rights to own and use property.
33. Contracts are agreements that are enforceable by law.
34. Markets are places where buyers and sellers meet to exchange goods and services.
35. Competition is the rivalry between producers for the business of consumers.
36. Monopolies are firms that have the power to set prices above the competitive level.
37. Olig

101 Things Everyone Should Know About Economics: A Down and Dirty Guide to Everything from Securities and Derivatives to Interest Rates and Hedge Funds - And What They Mean For You

by Alvin E. Roth

4.1 out of 5

Language	:	English
File size	:	9706 KB
Text-to-Speech	:	Enabled
Screen Reader	:	Supported
Enhanced typesetting	:	Enabled
Print length	:	346 pages

FREE