Economics

About 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