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This is the first website I came across and I was quite interested. This site gives you a basic idea about economics very briefly. It covers the basics concepts of economics like micro and macro economics, supply and demand, inflation, measuring economic growth and many other. This site is easy to understand and doesn't make economics boring for the someone who just want to have a basic idea about economics. This was actually the first site that I visited when I was interested in economics and wanted to know some basics without getting too deep into it.
What I particularly like about this website is how briefly it explains you some basic and core concepts of economics in a simple language which anyone can understand.

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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.

In short, economics is the 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.

The Field of Economics

Economics is divided into two general categories: microeconomics and macroeconomics. One looks at the individual markets while the other looks at an entire economy.

From there, we can narrow economics into a number of subfields of study. These include econometrics, economic development, agricultural economics, urban economics, and much more.

If you have an interest in how the world works and how financial markets or industry outlooks affect the economy, you might consider studying economics. It's a fascinating field and has career potential in a number of disciplines, from finance to sales to the government.

Two Essential Concepts of Economics

Much of what we study in economics has to do with money and the markets. What are people willing to pay for something? Is one industry doing better than another? What is the economic future of the country or world? These are important questions economists examine and it comes with a few basic terms.

Supply and Demand is one of the first things we learn in economics. Supply speaks to the quantity of something that's available for sale while demand refers to the willingness to purchase it. If the supply is higher than the demand, the market is thrown off balance and costs typically decrease. The opposite is true if demand is greater than the supply available because that commodity is more desirable and harder to obtain.

Elasticity is another key concept in economics. Essentially, here we're talking about how much the price of something can fluctuate before it has a negative impact on sales. Elasticity ties into demand and some products and services are more elastic than others.

Understanding the Financial Markets

As you might expect, many of the factors that play into economics have to do with the financial markets. This is also a complicated matter with many subtopics that you can dive into.

First and foremost, it's important to understand how prices are set in a market economy. At the heart of this is information and what is known as a contingent contract. Essentially, this type of arrangement places stipulations on the price paid based on external factors: if X happens, then I'll pay this much.

One question that many investors have is "What happens to my money when stock prices go down?" The answer is not easy, and before you dive into the stock market, it's essential that you know how it works.

To further complicate things, economic situations like a recession can throw many things off. For instance, just because an economy goes into recession, doesn't mean that prices will fall. In fact, it's the opposite for things like housing. Quite often, prices go up because supply is down and demand is up. This rise in prices is known as inflation.

Interest rates and exchange rates also cause fluctuations in the markets. You will often hear economists express concern over these. When interest rates go down, people tend to buy and borrow more. Yet, this can cause interest rates to rise in the end.

Exchange rates refer to how the currency of one country compares to those of another. These are key components in the global economy.

Other terms you'll hear in reference to the markets are opportunity costs, cost measures, and monopolies. Each is a key element in understanding the overall economic forecast.

Measuring Economic Growth and Decline

Whether on a national or global scale, measuring the health of the economy is no easy feat. Nationally, we use terms like GDP, which stands for Gross Domestic Product. This refers to the market value of a country's goods and services. Each country's GDP is analyzed by entities like the World Bank and International Monetary Fund (IMF).

There is also much discussion these days about globalization. The concerns over countries like the U.S. outsourcing jobs has many fearing a higher unemployment rate and sagging economy. Yet, some argue that advancements in technology do just as much for employment as globalization.

Every now and then, you will hear government officials discussing fiscal stimulus. This is one theory for encouraging economic growth, particularly in tougher times. But again, it's really not as easy as creating jobs that will lead to more consumer spending.

As with all things in economics, nothing is simple. That is precisely why this topic is so intriguing and keeps economists up late at night. Predicting the wealth of a nation or the world is no easier than predicting your own gains 10 or 15 years into the future. There are too many variables that come into play, which is why economics is an endless field of study.

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What is economics exactly? Explore the fundamental concepts and principals that play into financial markets and how we spend our resources and money.

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This website I came across is kind of a guide to economics. Not only this site provides the basic or key information about economics you can get somewhat detailed information about the basics of the Economics. There are some interesting topics like capitalism, primitivism, feudalism, socialism, communism. This website also consists a section or tab which shows you real world economies. How different countries and their economies operate. This site is indeed useful because not only it gives you the basic information about economics, if you are interested more it also contains some in depth information about topics.
What I found interesting or unique are the concepts which I mentioned above. Like I didn't even know what primitivism or feudalism even mean. There are some interesting concepts and information about economics on this website.

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What Is Economics?

Economics is a social science that focuses on the production, distribution, and consumption of goods and services, and analyzes the choices that individuals, businesses, governments, and nations make to allocate resources.

Understanding Economics

Assuming humans have unlimited wants within a world of limited means, economists analyze how resources are allocated for production, distribution, and consumption.

The study of microeconomics focuses on the choices of individuals and businesses, and macroeconomics concentrates on the behavior of the economy as a whole, on an aggregate level.

One of the earliest recorded economists was the 8th-century B.C. Greek farmer and poet Hesiod who wrote that labor, materials, and time needed to be allocated efficiently to overcome scarcity. The publication of Adam Smith's 1776 book, An Inquiry Into the Nature and Causes of the Wealth of Nations sparked the beginning of the current Western contemporary economic theories.

Microeconomics

Microeconomics studies how individual consumers and firms make decisions to allocate resources. Whether a single person, a household, or a business, economists may analyze how these entities respond to changes in price and why they demand what they do at particular price levels.

Microeconomics analyzes how and why goods are valued differently, how individuals make financial decisions, and how they trade, coordinate, and cooperate.

Within the dynamics of supply and demand, the costs of producing goods and services, and how labor is divided and allocated, microeconomics studies how businesses are organized and how individuals approach uncertainty and risk in their decision-making.

Macroeconomics

Macroeconomics is the branch of economics that studies the behavior and performance of an economy as a whole. Its primary focus is the recurrent economic cycles and broad economic growth and development.

It focuses on foreign trade, government fiscal and monetary policy, unemployment rates, the level of inflation, interest rates, the growth of total production output, and business cycles that result in expansions, booms, recessions, and depressions.

Using aggregate indicators, economists use macroeconomic models to help formulate economic policies and strategies.

What Is the Role of an Economist?

An economist studies the relationship between a society's resources and its production or output, and their opinions help shape economic policies related to interest rates, tax laws, employment programs, international trade agreements, and corporate strategies.

Economists analyze economic indicators, such as gross domestic product and the consumer price index to identify potential trends or make economic forecasts.

According to the Bureau of Labor Statistics, 36% of all economists in the United States work for a federal or state agency. Economists are also employed as professors, by corporations, or as part of economic think tanks.

What Are Economic Indicators?

Economic indicators detail a country's economic performance. Published periodically by governmental agencies or private organizations, economic indicators often have a considerable effect on stocks, employment, and international markets, and often predict future economic conditions that will move markets and guide investment decisions.

Gross domestic product (GDP)

The gross domestic product (GDP) is considered the broadest measure of a country's economic performance. It calculates the total market value of all finished goods and services produced in a country in a given year. The Bureau of Economic Analysis (BEA) also issues a regular report during the latter part of each month. Many investors, analysts, and traders focus on the advance GDP report and the preliminary report, both issued before the final GDP figures because the GDP is considered a lagging indicator, meaning it can confirm a trend but can't predict a trend.

Retail sales

Reported by the Department of Commerce (DOC) during the middle of each month, the retail sales report is very closely watched and measures the total receipts, or dollar value, of all merchandise sold in stores. Sampling retailers across the country acts as a proxy of consumer spending levels. Consumer spending represents more than two-thirds of GDP, proving useful to gauge the economy's general direction.

Industrial production

The industrial production report, released monthly by the Federal Reserve, reports changes in the production of factories, mines, and utilities in the U.S. One measure included in this report is the capacity utilization ratio, which estimates the portion of productive capacity that is being used rather than standing idle in the economy. Capacity utilization in the range of 82% to 85% is considered "tight" and can increase the likelihood of price increases or supply shortages in the near term. Levels below 80% are interpreted as showing "slack" in the economy, which may increase the likelihood of a recession.

Employment Data

The Bureau of Labor Statistics (BLS) releases employment data in a report called the nonfarm payrolls on the first Friday of each month. Sharp increases in employment indicate prosperous economic growth and potential contractions may be imminent if significant decreases occur. These are generalizations and it is important to consider the current position of the economy.

Consumer Price Index (CPI)

The Consumer Price Index (CPI), also issued by the BLS, measures the level of retail price changes, and the costs that consumers pay, and is the benchmark for measuring inflation. Using a basket that is representative of the goods and services in the economy, the CPI compares the price changes month after month and year after year. This report is an important economic indicator and its release can increase volatility in equity, fixed income, and forex markets. Greater-than-expected price increases are considered a sign of inflation, which will likely cause the underlying currency to depreciate.

Economic Systems

Five economic systems illustrate historical practices used to allocate resources to meet the needs of the individual and society.

Primitivism

In primitive agrarian societies, individuals produced necessities from building dwellings, growing crops, and hunting game at the household or tribal level.

A political and economic system of Europe from the 9th to 15th century, feudalism was defined by the lords who held land and leased it to peasants for production, who received a promise of safety and security from the lord.

Capitalism

With the advent of the industrial revolution, capitalism emerged and is defined as a system of production where business owners organize resources including tools, workers, and raw materials to produce goods for market consumption and earn profits. Supply and demand set prices in markets in a way that can serve the best interests of society.

Socialism is a form of a cooperative production economy. Economic socialism is a system of production where there is limited or hybrid private ownership of the means of production. Prices, profits, and losses are not the determining factors used to establish who engages in the production, what to produce and how to produce it.

Communism holds that all economic activity is centralized through the coordination of state-sponsored central planners with common ownership of production and distribution.

Schools of Economic Theory

Many economic theories have evolved as societies and markets have grown and changed. However, three disciplines of economics, neoclassical, Keynesian, and Marxian, have influenced modern society.

The principles of neoclassical economics are often used as a framework to illustrate the virtues of capitalism, including the tendency of market prices to reach equilibrium as the volume of supply and demand changes. The optimal valuation of resources emerges from the forces of individual desire and scarcity.

John Maynard Keynes developed the theory of Keynesian economics during the Great Depression. Arguing against neoclassical theory, Keynes showed that the restrained markets and government intervention in markets create a stable and equitable economic system and advocated for a monetary policy designed to boost demand and investor confidence during economic downturns.

Marxian economics is defined in Karl Marx's work Das Kapital. Marxian economics is a rejection of theclassical view of economics arguing against the idea that the free market, an economic system determined by supply and demand with little or no government control, benefits society. He espoused that capitalism only benefits a select few and that the ruling class becomes richer by extracting value out of cheap labor provided by the working class.

What Is a Command Economy?

What Is Behavioral Economics?

Who Has Influenced the Study of Economics in the 21st Century?

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Economics Defined with Types, Indicators, and Systems

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Economics is a branch of social science focused on the production, distribution, and consumption of goods and services.

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This website also provides you with the basic concepts about economics. This website also has a demand and supply graph which makes it easier to understand. This site cover many concepts and topics like cost, efficiency, scarcity and many more.
The things which I think was interesting in this site was how it was easy to understand and the examples and the analogies given were on point.

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As a novice, economics seems to be a dry social science that is laced with diagrams and statistics; a complex branch that deals with rational choices by an individual as well as nations - a branch of study which does not befit isolated study but delving into the depths of other subject areas (such as psychology and world politics).

What is Economics?

Economics Definition: Economics is essentially a study of the usage of resources under specific constraints, all bound with an audacious hope that the subject under scrutiny is a rational entity which seeks to improve its overall well-being.

Two branches within the subject have evolved thus: microeconomics (individual choices) which deals with entities and the interaction between those entities, while macroeconomics (aggregate outcomes) deals with the entire economy as a whole.

A typical college student (or an overburdened husband?) appreciates the lessons of economics in day-to-day life. Semester books and carton of cigarettes (choices) are to be purchased with a limited amount of pocket money (constraints).

The aim of studying economics is to understand the decision process behind allocating the currently available resources, the needs always unlimited but resources being limited.

Adam Smith wrote ' An inquiry into the Nature and Causes of the Wealth of Nations ' which as the name suggests, was an attempt at understanding the reasons behind the economic growth (or lack thereof) of a nation.

An interesting backdrop to consider here - the fundamental assumption that we need to make for the whole economic system (as we know it today) to work is that human beings are motivated by pure self-interest and will take decisions that they think will make them 'better off' now or sometime in the future.

The economic and political systems of a country are closely inter-linked and jointly determine the well-being of its citizens.

Economics Basics - Demand & Supply

It is perhaps one of the most fundamental tenets and provides a fundamental framework in which to assess the actions of an economy.

Definition of Demand: Demand is the quantity of a good (or service) the buyers are willing to purchase at a particular price.

Definition of Supply: Supply is the quantity of a good the sellers are willing to deliver at a particular price. Meanwhile price is a result of the constant tug-of-war between the demand and supply.

And all other random things kept constant for a good (brand, quality etc.); higher the price- lower will be the demand from the consumer (to save up for other purchases).

Higher the price, higher will be the supply from the manufacturers (make hay while the sun shines!).

The former is called the law of demand, and latter is called the law of supply.

Time also plays a huge role in a free-market economy, more so in the case of entities in a competition to serve the consumers. Stock-outs are no good for a supplier as it affects the brand and the consumer can move elsewhere.

If there is an excess of demand, the producers have to gauge the nature of demand first (seasonal, increasing trend) to react in a swift fashion, to corner the market and retain the existing customers.

The stable state of equilibrium in an economic system makes the economy efficient, the suppliers are moving their goods and the consumers are getting what they are demanding.

The only point worth noting: the point of equilibrium is ever-elusive and fluctuates like a wild boar in each minute quantum of time.

Economics Basics - The free market hypothesis

In a perfect free market, for any good or service- the total quantity supplied by the sellers and the total quantity demanded by the buyers will reach a state of economic equilibrium over time.

Things closely follow the free market paradigm if two basic assumptions hold true: perfect competition and absence of "unnecessary" government quotas and regulations.

Perfect competition assumes that no seller is large enough to sway the natural movement of the market owing to its large market share and cash reserves, which too often becomes the case for corporations in a capitalistic system with the wherewithal to wipe out smaller players.

In these cases, regulations to prevent monopolies and unfair practices become all the important to ensure that the market remains efficient.

On the other hand, too many government regulations and quotas (pre-liberalization India was on the verge of bankruptcy) hinder the natural process towards equilibrium and result in easily avoidable inefficiencies in the system.

How much government regulation is the right amount is a question which we are yet to answer with full confidence, but we know for sure that both extremes can be really bad!

Economics Basics - Cost, efficiency and scarcity

Going by the geeky definition, opportunity cost is the value of the next-highest-valued substitute use of that resource. For instance you may forego going to the physics class for a session of LAN gaming, but the risk of not understanding subsequent lectures and flunking the semester is the opportunity cost you should be aware of. Every entity has a different point-of-view regarding this opportunity cost as the needs and resources of entities keep shifting with time.

Economic efficiency is the measure of output obtained with a given set of inputs, i.e. least amount of wastage. Technological ability usually decides the upper limit for the maximum efficiency which can be achieved.

The basic definition of scarcity is slightly philosophical- humans have unlimited desires but the means of production being finite and limited (labor, land and capital), various trade-offs are to be made to allocate the resources in the most efficient way possible.

The production-possibility frontier (PPF) is a bridge which ties the three concepts. If we assume that the economy produces just a couple of goods (guns and butter are the default choices for economists, scary lot!), then the economy can produce a greater quantity of guns only if it reduces the quantity of butter produced. Each point on the PPF curve shows the maximum possible output of an economy (i.e. the potential that the economy holds).

Elasticity is defined as the change in quantity of the goods associated with a change in the prices. It usually depends on the nature of product (luxury v/s necessity), the number of substitutes available in the market, share of wallet etc.

If quantity of the good changes drastically with a change in its prices, it is said to be elastic (PS3 selling at a 40% discount will see a sharp rise in the total number of units sold).

If quantity of the good does not change much with a change in its prices, it is said to be inelastic (onions need to be purchased even after the prices double as it is a basic necessity and there are no actual substitutes).

Utility is the satisfaction that one achieves from consuming a good/service, and is an abstract concept based on the individual in question. Marginal utility is the extra satisfaction one gets from each additional unit of consumption.
Taking a holistic example in lieu of an easier and obvious one - research proves that the money one earns contributes hugely towards average life happiness in the initial stages of getting those riches, but its role tapers off sharply as the income grows.

The economists refer to this is as the law of diminishing marginal utility. The third chocolate doesn't seem as tasty as the first one, eh?

The 'specialist world'

The fundamental concept which is responsible for economic growth as we know it is specialization of labor. If an entity is really efficient in producing a commodity (output to input ratio is high), it has an advantage over another entity which is not that efficient in producing the commodity under consideration.

If I am good at making shoes and you are good at making jam, it makes sense to do what we are good at and trade afterwards.

Moreover, the economies of scale prove to be an icing on the cake - the production cost per unit decreases as we produce more and more of the same units (the initial one-time setup cost can be a major part of the total expense). And the best part is that both parties are better off after doing the transaction (and so is Mother Earth, for less wastage).

Just to appreciate the grandeur of this simple idea, just imagine your standard of living in a world where you have to produce everything for yourself. You would likely revert to a medieval lifestyle, growing your own food and defending our own property. Say goodbye to the iPhones, cushy jobs, roads (even the shitty ones), branded clothes and the air-conditioned comforts.

Studying economics can be both rewarding and intimidating at first, but knowledge of basic economics is essential not only for the B-School junta but for anyone who interacts with markets. In an era where having money is one of the prime determinants of the ability to make more of it, you better watch out and get your basics right.

Learn more about the most important topics in Economics

- Introduction to Microeconomics
- Introduction to Macroeconomics
- Game Theory in Economics
- Price Elasticity of Demand

Back to the top: MBA Syllabus
Image Source: resourcesforhistoryteachers.wikispaces.com

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Introduction to Economics: Basic Concepts & Principles | MBA Crystal Ball

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As a novice, economics seems to be a dry social science that is laced with diagrams and statistics; a complex branch that deals with rational choices by an individual as well as nations - a branch of study which does not befit isolated study but delving into the depths of other subject areas (such as psychology and world politics).

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This site was the most intimidating one as it contained so much in depth information about economics as well as basic information too. This website is kind of an encyclopedia of economics. The website was structured like a book with many chapters.
The most interesting and unique element about this site was the information. The information was so descriptive and elaborate.

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Contents

Show All Contents Hide All Contents

1. Chapter 9. Monopoly

1. Introduction to a Monopoly

2. 9.1 How Monopolies Form: Barriers to Entry

3. 9.2 How a Profit-Maximizing Monopoly Chooses Output and Price

2. Chapter 10. Monopolistic Competition and Oligopoly

3. Chapter 16. Information, Risk, and Insurance

1. Introduction to Information, Risk, and Insurance

2. 16.1 The Problem of Imperfect Information and Asymmetric Information

3. 16.2 Insurance and Imperfect Information

4. Appendix A: The Use of Mathematics in Principles of Economics

5. Appendix B: Indifference Curves

6. Appendix C: Present Discounted Value

7. Appendix D: The Expenditure-Output Model

Book Information

Book Description

Principles of Economics covers scope and sequence requirements for a two-semester introductory economics course. The authors take a balanced approach to micro- and macroeconomics, to both Keynesian and classical views, and to the theory and application of economics concepts. The text also includes many current examples, which are handled in a politically equitable way.

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Show All Contents Hide All Contents Chapter 9. Monopoly Introduction to a Monopoly 9.1 How Monopolies Form: Barriers to Entry 9.2 How a Profit-Maximizing Monopoly Chooses Output and Price Chapter 10. Monopolistic Competition and Oligopoly Chapter 16.

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This video explains basic economics very briefly. The videos covers some topics as types of resources ,production, productivity, trade and others. This video is like an introduction to economics. If you are curious about economics and just want to know what economics is, this short video might help understanding economics without going too much into details.

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What Is Economics? - Introduction to Economic Concepts

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This video is quite specific. It mentions five basic economic concepts that consumer should know. This five concepts are : scarcity, market system, supply-demand, cost-benefits, incentives. The animations in the video also help us in understanding this concepts.

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While having a basic understanding of economic theory isn't perceived as being as important as balancing a household budget or learning how to drive a car, the forces that underpin the study of economics impact every moment of our lives. At the most basic level, economics attempts to explain how and why we make the purchasing choices we do.

Four key economic concepts-scarcity, supply and demand, costs and benefits, and incentives-can help explain many decisions that humans make.

Everyone has an understanding of scarcity whether they are aware of it or not because everyone has experienced the effects of scarcity. Scarcity explains the basic economic problem that the world has limited-or scarce-resources to meet seemingly unlimited wants. This reality forces people to make decisions about how to allocate resources in the most efficient way possible so that as many of their highest priorities as possible are met.

For example, there is only so much wheat grown every year. Some people want bread and some would prefer beer. Only so much of a given good can be made because of the scarcity of wheat. How do we decide how much flour should be made for bread and beer? One way to solve this problem is a market system driven by supply and demand.

Supply and Demand

A market system is driven by supply and demand. Taking the example of beer, if many people want to buy beer, the demand for beer is considered high. As a result, you can charge more for beer and make more money on average by using wheat to make beer than by using wheat to make flour.

Hypothetically, this could lead to a situation where more people start making beer and, after a few production cycles, there is so much beer on the market-the supply of beer increases-that the price of beer drops.

Although this is an extreme and overly simplified example, on a basic level, the concept of supply and demand helps to explain why last year's popular product is half the price the following year.

Costs and Benefits

The concept of costs and benefits is related to the theory of rational choice (and rational expectations) that economics is based on. When economists say that people behave rationally, they mean that people try to maximize the ratio of benefits to costs in their decisions.

If demand for beer is high, breweries will hire more employees to make more beer, but only if the price of beer and the amount of beer they are selling justify the additional costs of their salary and the materials needed to brew more beer. Similarly, the consumer will buy the best beer they can afford to purchase, but not, perhaps, the best-tasting beer in the store.

The concept of costs and benefits is applicable to other decisions that are not related to financial transactions. University students perform cost-benefit analyses on a daily basis by choosing to focus on certain courses that they've deemed more important for their success. Sometimes this even means cutting the time they spend studying for courses that they see as less necessary.

Although economics assumes that people are generally rational, many of the decisions that humans make are actually very emotional and do not maximize our own benefit. For example, the field of advertising preys on the tendency of humans to act non-rationally. Commercials try to activate the emotional centers of our brain and fool us into overestimating the benefits of a given item.

Everything Is in the Incentives

If you are a parent, a boss, a teacher, or anyone with the responsibility of oversight, you've probably been in the situation of offering a reward-or incentive-in order to increase the likelihood of a particular outcome.

Economic incentives explain how the operation of supply and demand encourage producers to supply the goods that consumers want, and consumers to conserve on scarce resources. When consumer demand for a good increases, then the market price of the good rises, and producers have an incentive to produce more of the good because they can receive a higher price. On the other hand, when the increasing scarcity of raw materials or inputs for a given good drive costs up and producers to cut back on supply, then the price they charge for the good rises, and consumers have an incentive to conserve on their consumption of that good and reserve it's use for their most highly valued uses.

In the example of a brewery, the owner wants to increase production so they decide to offer an incentive-a bonus-to the shift that produces the most bottles of beer in a day. The brewery has two sizes of bottles: one 500 milliliter bottle and a one-liter bottle. Within a couple of days, they see production numbers shoot up from 10,000 to 15,000 bottles per day. The problem is that the incentive they provided focused on the wrong thing-the number of bottles rather than the volume of beer. They begin receiving calls from suppliers wondering when orders of the one-liter bottles are going to come. By offering a bonus for the number of bottles produced, the owner made it beneficial for the competing shifts to gain an advantage by only bottling the smaller bottles.

When incentives are correctly aligned with organizational goals the benefits can be exceptional. These practices include profit sharing, performance bonuses, and employee stock ownership. However, these incentives can go awry if the criteria for determining if an incentive has been met falls out of alignment with the original goal. For example, poorly structured performance bonuses have driven some executives to take measures that improve the financial results of the company in the short-time-just enough to get the bonus. In the long-term, these measures have then proven detrimental to the health of the company.

Economics Is the Dismal Science

Scarcity is what underpins all of economics, which is one interpretation of why economics is sometimes referred to as the dismal science. Humans are constantly making choices that are determined by their costs and benefits. On a personal level, scarcity means that we have to make choices based on the incentives we are given according to different courses of action. On a market level, the impact of millions of people making choices creates the forces of supply and demand.

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Four Economic Concepts Consumers Need to Know

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While having a basic understanding of economic theory isn't perceived as being as important as balancing a household budget or learning how to drive a car, the forces that underpin the study of economics impact every moment of our lives. At the most basic level, economics attempts to explain how and why we make the purchasing choices we do.

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This video contains some key concepts but it is so easy to understand as the examples given in the video relates to us in our daily lives. This video contains concepts like macroeconomics, microeconomics, ceteris paribus, scarcity, market and trade. The animation in this video is clean and makes it easy for us to understand and grasp the content easily.

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This is the second video in the Economics Animated series. This one focuses on key economic concepts.It covers: Economics defined Goods and Bads Resources Key Economic Concepts: --Scarcity implies tradeoffs and opportunity costs: TANSTAAFL --People tend to choose rationally, responding to incentives and making decisions at the margin.

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This animation video explains all the key principles of economics and what exactly is Economics. This video covers the economics principles or concepts such as macro economics, micro economics, scarcity, markets, opportunity costs and much more. This video helps us understand some key cocepts of economics and the definition of Economics.

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This image contains key concepts as well as economics terminology. This image contains some core concepts like scarcity, ceteris paribus and many more.

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This image is very helpful necause it covers most of the important and core terms or concepts of economics. In a single image you could understand most of the important concepts in economics

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I learnt one thing that Economics is a tough subject but a person can easily understand the basic concepts and fundamentals if he tries to understand. For example, I always thought economics as a complex subject but when I started to properly understand the basics of of economics it was quite simple and straightforward. From my perspective each and every person should at least know the basics and fundamentals of economics. The most important thing that I would share with my friends and family would be the videos that I posted in this padlet. The videos are quite easy to understand and every person should at least get to know what actually economics is.