Supply
Introduction Definitions and Basics ● Supply, from the Concise Encyclopedia of Economics ● The most basic…
Exchange and Trade
Introduction ● The words "exchange" and "trade" refer to the same activity--people who…
Supply and Demand, Markets and Prices
Introduction Definitions and Basics ● Supply and Demand. Part 2. Comparisons on Price, at…
Division of Labor and Specialization
Introduction Definitions and Basics ● Definitions: Adam Smith, biography from the Concise Encyclopedia of Economics ● Smith…
Comparative Advantage and the Benefits of Trade
Introduction If you do everything better than anyone else, should you be…
Economic Growth
Introduction Definitions and Basics ● Economic Growth, at Answers.com ● An increase in the capacity…
GDP
Introduction Definitions and Basics ● National Income Accounts, from the Concise Encyclopedia of Economics ● The…
Inflation
Introduction Definitions and Basics ● Inflation, from the Concise Encyclopedia of Economics ● Economists use the…
Real, Relative, and Nominal Prices
Introduction ● Definition: The nominal price of a good is its value in…
