General Economic Concepts

An economy (from Greek οίκος – "household" and νέμoμαι – "manage") is an area of the production, distribution, or trade[1], and consumption of goods and services by different agents. Understood in its broadest sense, 'The economy is defined as a social domain that emphasizes the practices, discourses, and material expressions associated with the production, use, and management of resources'.[2] Economic agents can be individuals, businesses, organizations, or governments. Economic transactions occur when two parties agree to the value or price of the transacted good or service, commonly expressed in a certain currency. However, monetary transactions only account for a small part of the economic domain.

Some concepts of general economics;

• Keynesian economics

• Classical economics

• Neo-Keynesian economics

• Neoclassical economics

• New classical economics

• New Keynesian economics

• Participatory economics

• Home economics

• Goods

• Modern portfolio theory

• Game theory

• Human development theory

• Production theory basics

• Time preference theory of interest

• Agent

• Arbitrage

• Big Mac Index

• Big push model

• Cash crop

• Canadian and American economies compared

• Catch-up effect

• Chicago school

• Collusion

• Commodity

• Comparative advantage

• Competitive advantage

• complementarity

• Consumer and producer surplus

• Cost

• Debt

• Devaluation

• Disposable income