General Concepts
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…
August 31, 2021 · Taylor EmmaAuthor: Taylor Emma
A senior editor for The Mars that left the company to join the team of SenseCentral as a news editor and content creator. An artist by nature who enjoys video games, guitars, action figures, cooking, painting, drawing and good music.
General Concepts
Economic Growth
Introduction Definitions and Basics ● Economic Growth, at Answers.com ● An increase in the capacity of an economy to produce goods…
August 31, 2021 · Taylor EmmaGeneral Concepts
GDP
Introduction Definitions and Basics ● National Income Accounts, from the Concise Encyclopedia of Economics ● The broadest and most widely used measure…
August 31, 2021 · Taylor EmmaGeneral Concepts
Inflation
Introduction Definitions and Basics ● Inflation, from the Concise Encyclopedia of Economics ● Economists use the term “inflation” to denote an ongoing…
August 31, 2021 · Taylor EmmaGeneral Concepts
Real, Relative, and Nominal Prices
Introduction ● Definition: The nominal price of a good is its value in terms of money, such as dollars,…
August 31, 2021 · Taylor EmmaGeneral Concepts
Opportunity Cost
Introduction ● Opportunity cost refers to what you have to give up to buy what you want in terms…
August 31, 2021 · Taylor EmmaGeneral Concepts
Incentives
Introduction In economics, incentives matter. If you make decisions without thinking about your personal incentives, let us know.…
August 31, 2021 · Taylor EmmaGeneral Concepts
Wellbeing and Welfare
Introduction ● The word “welfare” has two very different meanings in economics. The most familiar meaning to the general…
August 31, 2021 · Taylor EmmaGeneral Concepts
Property Rights
Introduction ● You may wonder what property rights have to do with economics. Your property–your house, your car, your…
August 31, 2021 · Taylor EmmaGeneral Concepts
Cost-Benefit Analysis
Introduction ● Cost-benefit analysis and benefit-cost analysis refer to the same thing–weighing the pros and cons so you can…
August 31, 2021 · Taylor Emma