ECONOMICS

Economics is a multifaceted discipline, commonly defined through various lenses: it encompasses the study of scarcity, the examination of resource allocation, and the exploration of decision-making processes. While economic discourse often gravitates towards themes like wealth, finance, recession, and banking—resulting in a prevalent but narrow perception that economics is primarily about money and stock markets—it actually extends far beyond these confines. Economics provides valuable insights into historical trends, aids in interpreting contemporary events, and facilitates predictions regarding future developments.

A fundamental principle of economics is that individuals possess desires and will adjust their behaviors in pursuit of those desires; this dynamic illustrates the concept of incentives driving human action.

The scope of economic study ranges from individual choices, referred to as microeconomics—such as how one decides to allocate their monthly budget—to broader systemic analyses encapsulated by macroeconomics, which examines governmental institutions, industries, central banking practices, and the cyclical nature of markets.

Much of the field relies on empirical data collected by governmental bodies, corporations, or experimental methods to evaluate hypotheses concerning the effects of specific programs or incentives. Additionally, another branch of economics employs theoretical frameworks to forecast behaviors of individuals and market interactions.

The accompanying application on economics provides comprehensive information on economic development and covers essential to advanced topics within the discipline.

The following subjects are addressed in this app:

• What is Economics?
• The nature of economics
• The study of economics
• The methods used by economists
• Economic exchange
• Factors of production
• Types of production
• The role of money in exchange
• The economic problem
• Choice and opportunity cost
• Samuelson's three questions
• Production possibility frontiers
• Interpreting PPFs
• Pareto efficiency
• Increasing opportunity cost
• Marginal analysis
• Index numbers
• Missing markets
• Pure public goods
• Incomplete markets
• Quasi public goods
• Turnpikes
• Merit goods
• The supply of merit goods
• Merit goods and positive consumption externalities
• Education as a merit good
• Property rights
• Economic exchange
• Scarcity
• Efficiency
• Economic Systems
• Cost-Benefit Analysis
• Wellbeing and Welfare
• Incentives
• Inflation
• GDP
• Economic Growth
• Exchange and Trade
• Demand
• Supply
• Aggregate Supply
• Aggregate Demand
• Business Cycles
• Employment and Unemployment
• Insurance
• Barriers to Trade
• Balance of Trade and Balance of Payments
• Money
• Foreign Currency Markets and Exchange Rates
• Financial Markets
• Saving and Investing
• Human Capital
• Globalization, Interdependence, and Local Trade
• Productive Resources
• Environmentalism
• Productivity
• Economic Development
• Income Distribution
• Profit
• Income Inequality
• Total Policy
  
  

• {Roles of Government}

• {Credit}

• {Market Failures, Public Goods, and Externalities}

• {Government Failures, Rent Seeking, and Public Choice}

• {Government Budget Deficits and Government Debt}

• {Compound Interest}

• {Entrepreneurs}

• {Producers}

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