Economics
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…
August 19, 2021 · Prabhu TLEconomics
Economics
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…
August 19, 2021 · Prabhu TLEconomics
Economic Growth
Introduction Definitions and Basics ● Economic Growth, at Answers.com ● An increase in the capacity of an economy to produce goods…
August 19, 2021 · Prabhu TLEconomics
GDP
Introduction Definitions and Basics ● National Income Accounts, from the Concise Encyclopedia of Economics ● The broadest and most widely used measure…
August 19, 2021 · Prabhu TLEconomics
Inflation
Introduction Definitions and Basics ● Inflation, from the Concise Encyclopedia of Economics ● Economists use the term “inflation” to denote an ongoing…
August 19, 2021 · Prabhu TLEconomics
Real, Relative, and Nominal Prices
Introduction ● Definition: The nominal price of a good is its value in terms of money, such as dollars,…
August 19, 2021 · Prabhu TLEconomics
The methods used by economists
Economists use scientific observation and deduction in their investigations. To achieve this they: Describe and measure the exchanges they observe…
August 19, 2021 · Prabhu TLEconomics
Opportunity Cost
Introduction ● Opportunity cost refers to what you have to give up to buy what you want in terms…
August 19, 2021 · Prabhu TLEconomics
Incentives
Introduction In economics, incentives matter. If you make decisions without thinking about your personal incentives, let us know.…
August 19, 2021 · Prabhu TLEconomics
Wellbeing and Welfare
Introduction ● The word “welfare” has two very different meanings in economics. The most familiar meaning to the general…
August 19, 2021 · Prabhu TL