Learn Economic Concepts

Learn Economic Concepts - Understanding the Basics

Economics is a complex subject filled with a maze of confusing terms and details which can be difficult to explain. Even economists have trouble defining exactly what economics means. Yet, there is no doubt that the economy and the things we learn through economics affects our everyday lives.

This app help you to study of how people and groups of people use their resources. Money certainly is one of those resources, but other things can play a role in economics as well.

In an attempt to clarify all this, let's take a look at the basics of economics and why you might consider studying this complex field.

Covered Topics Below:

1) Economics Basics: Introduction

2) What Is Economics

3) Scarcity

4) Macro and Microeconomics

5) Production Possibility Frontier (PPF)

6) Opportunity Cost

7) Trade, Comparative Advantage and Absolute Advantage

8) Absolute Advantage

9) Economics Basics: Demand and Supply

10) The Law of Demand

11) The Law of Supply

12) Time and Supply

13) Supply and Demand Relationship

14) Equilibrium

15) Disequilibrium

16) Shifts vs. Movement

17) Economic Basics: Elasticity

18) Factors Affecting Demand Elasticity

19) The availability of substitutes

20) Amount of income available to spend on the good

21) Time

22) Income Elasticity of Demand

23) Economics Basics: Utility

24) Monopolies, Oligopolies and Perfect Competition

25) Economics Basics: Conclusion

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