Economics

ECONOMIC THEORIES & STUDIES

The Three Economic Questions

Scarcity & Choices (Key Concept)

Microeconomics

Macroeconomics

Economic History

Study of Economics

Function of an Economy

Economics Model Building

Change (Key Concept)

Interdependence (Key Concept)


CONCEPTS

Production Possibility Frontier


DEMAND

Demand

Income Elasticity of Demand

Price Elasticity of Demand


SUPPLY & EQUILIBRIUM

Supply

Price Elasticity of Supply

Market Equilibrium

Total Revenue

Price Mechanisms

Allocation


GOVERNMENT INTERVENTION

Government Intervention (Key Concept)

Surplus

Indirect Taxes

Subsidies


MARKET FAILURE

Market Failure

Externalities

Government Responses to Externalities


SUSTAINABILITY

Sustainability (Key Concept)

Common Pool Resources

Sustainability Solutions


BEHAVIORAL ECONOMICS

Homo Economicus

Consumer Rationality Limitations

Rationality of Business Economics

Asymmetric Information

Government Responses to Asymmetric Information

Influences on Economic Choices


RATIONAL PRODUCER BEHAVIOR

Competition (Key Concept)

Market Structure

Market Power

Producer Behavior

Monopolies

Monopolistic Competition

Oligopolies


MACROECONOMICS

Economic Structure

Productivity

Economic Growth

Exports and Imports

Business Cycle


ADDITIONAL CONCEPTS & DEFINITIONS

Efficiency (Key Concept)

Equity (Key Concept)

Economic Well-being (Key Concept)

Economic Goods

Statements

Marginal Utility

Commodity

National Income

Opportunity Cost


ADDITIONAL RESOURCES

Real-World Examples