Economics 9 min read
Employment and Unemployment
Introduction Definitions and Basics ● Unemployment, from the Concise Encyclopedia of Economics ● Each month, the federal government’s Bureau of Labor Statistics randomly surveys…
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← Explore all topics Economics 11 min read
Business Cycles
Introduction Definitions and Basics ● Business Cycles, from the Concise Encyclopedia of Economics ● The United States and all other modern industrial economies experience…
Economics 5 min read
Aggregate Demand
Introduction Definitions and Basics ● Keynesian Economics, from the Concise Encyclopedia of Economics ● Keynesian economics is a theory of total spending in the…
Economics 4 min read
Aggregate Supply
Introduction Definitions and Basics ● Aggregate Supply, at Answers.com ● The total supply of goods and services produced within an economy at a…
Economics 2 min read
The role of the professional economist
Professional economists apply their skills of description, analysis, model building, and prediction to generate knowledge and, from this, provide advice…
Economics 14 min read
Exchange and Trade
Introduction ● The words “exchange” and “trade” refer to the same activity–people who have one thing and want a different thing…
Economics 8 min read
Division of Labor and Specialization
Introduction Definitions and Basics ● Definitions: Adam Smith, biography from the Concise Encyclopedia of Economics ● Smith saw the main cause of prosperity as increasing…
Economics 12 min read
Supply and Demand, Markets and Prices
Introduction Definitions and Basics ● Supply and Demand. Part 2. Comparisons on Price, at SocialStudiesforKids.com. ● So we have supply, which is how much of…
Economics 10 min read
Comparative Advantage and the Benefits of Trade
Introduction If you do everything better than anyone else, should you be self-sufficient and do everything yourself? Self-sufficiency is one…
Economics 9 min read
Economic Growth
Introduction Definitions and Basics ● Economic Growth, at Answers.com ● An increase in the capacity of an economy to produce goods and services,…