Real, Relative, and Nominal Prices
Introduction ● Definition: The nominal price of a good is its value in…
Incentives
Introduction In economics, incentives matter. If you make decisions without thinking about…
Wellbeing and Welfare
Introduction ● The word "welfare" has two very different meanings in economics. The…
Cost-Benefit Analysis
Introduction ● Cost-benefit analysis and benefit-cost analysis refer to the same thing--weighing the…
Economic Systems
Introduction Definitions and Basics ● Capitalism, from the Concise Encyclopedia of Economics ● Capitalism, a term…
Efficiency
Introduction Definitions and Basics ● Efficiency, by Paul Heyne, from the Concise Encyclopedia of Economics…
Scarcity
Introduction ● In economics, scarcity refers to limitations--limited goods or services, limited time,…
Is Economics a Science?
Introduction ● Everyone recognizes that physics is a science. Everyone also recognizes economics--a…
