Economics

Description of Economics

►Economics can actually be defined a few different ways: it’s the study of scarcity, the study of how people use resources, or the study of decision-making. Economics often involves topics like wealth, finance, recessions, and banking, leading to the misconception that economics is all about money and the stock market. Actually, it’s a much broader discipline that helps us understand historical trends, interpret today’s headlines, and make predictions for coming decades.☆
►One of the central tenets of economics is that people want certain things and will change their behavior to get those things – in other words, people will respond to incentives. ☆
►Economic study ranges from the very small to the very large. The study of choices by individuals (like how someone decides to budget their paycheck each month) is called microeconomics. ☆
►The study of governments, industries, central banking, and the boom and bust of the business cycle is called macroeconomics. ☆
►Much of economics involves using data gathered by governments, businesses, or in the laboratory to test hypotheses about whether a certain program, event, or incentive will have the expected effect. Another branch of economics focuses on using economic theory to make predictions about how people and markets will behave.☆
►❰This App of Economics gives detailed information on Economic Development. This app contains all the basic to advanced concepts on Economics.❱❱
【Few Topics covered in this App are Listed Below】
⇢ What is Economics?
⇢ The nature of economics
⇢ The study of economics
⇢ The methods used by economists
⇢ Economic exchange
⇢ Factors of production
⇢ Types of production
⇢ The role of money in exchange
⇢ The economic problem
⇢ Choice and opportunity cost
⇢ Samuelson's three questions
⇢ Production possibility frontiers
⇢ Interpreting PPFs
⇢ Pareto efficiency
⇢ Increasing opportunity cost
⇢ Marginal analysis
⇢ Index numbers
⇢ Missing markets
⇢ Pure public goods
⇢ Incomplete markets
⇢ Quasi public goods
⇢ Turnpikes
⇢ Merit goods
⇢ The supply of merit goods
⇢ Merit goods and positive consumption externalities
⇢ Education as a merit good
⇢ Property rights
⇢ Economic exchange
⇢ Scarcity
⇢ Efficiency
⇢ Economic Systems
⇢ Cost-Benefit Analysis
⇢ Property Rights
⇢ Wellbeing and Welfare
⇢ Incentives
⇢ Inflation
⇢ GDP
⇢ Economic Growth
⇢ Exchange and Trade
⇢ Demand
⇢ Supply
⇢ Aggregate Supply
⇢ Aggregate Demand
⇢ Business Cycles
⇢ Employment and Unemployment
⇢ Insurance
⇢ Barriers to Trade
⇢ Balance of Trade and Balance of Payments
⇢ Money
⇢ Foreign Currency Markets and Exchange Rates
⇢ Financial Markets
⇢ Saving and Investing
⇢ Human Capital
⇢ Globalization, Interdependence, and Local Trade
⇢ Productive Resources
⇢ Environmentalism
⇢ Productivity
⇢ Economic Development
⇢ Income Distribution
⇢ Profit
⇢ Income Inequality
⇢ Fiscal Policy
⇢ Roles of Government
⇢ Credit
⇢ Market Failures, Public Goods, and Externalities
⇢ Government Failures, Rent Seeking, and Public Choice
⇢ Government Budget Deficits and Government Debt
⇢ Compound Interest
⇢ Entrepreneurs
⇢ Producers
⇢ Consumers
⇢ Technology