Difference between revisions of "Economics"
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According to [[Principles of Economics by Timothy Taylor (3rd edition)]], | According to [[Principles of Economics by Timothy Taylor (3rd edition)]], | ||
::[[Economics]]. The study of production, distribution, and consumption of goods and services. | ::[[Economics]]. The study of production, distribution, and consumption of goods and services. | ||
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| + | ==Key concepts== | ||
| + | *[[Economy]]. The social arrangements that determine what is produced, how it is produced, and for whom it is produced. | ||
| + | *[[Economics]]. The study of the production, distribution, and consumption of goods and services. | ||
| + | *[[Market]]. An institution that brings together buyers and sellers of goods or services. | ||
| + | *[[Market oriented economy]]. An [[economy]] in which most economic decisions are made by buyers and sellers, who may be individuals or firms. | ||
| + | *[[Command economy]]. An economy in which the government either makes or strongly influences most economic decisions. | ||
| + | |||
| + | *[[Division of labor]]. Dividing the work required to produce a good or service into tasks performed by different [[worker]]s. | ||
| + | *[[Specialization]]. When a [[worker]] or a firm focus on particular tasks in the overall production process for which they are well-suited. | ||
| + | *[[Economies of scale]]. When the average cost of producing each individual unit declines as total output increases. | ||
| + | *[[Globalization]]. The trend in which buying and selling in markets have increasingly crossed national borders. | ||
| + | *[[Exports]]. Goods and services that are produced domestically and sold in another country. | ||
| + | *[[Imports]]. Goods and services produced abroad and sold domestically. | ||
| + | *[[Microeconomics]]. The branch of [[economics]] that focuses on actions of particular actors within the economy, like households, [[worker]]s, and business firms. | ||
| + | *[[Macroeconomics]]. The branch of [[economics]] that focuses on the [[economy]] as a whole, including issues like growth, unemployment, inflation, and the balance of trade. | ||
| + | *[[Circular flow diagram]]. A diagram that illustrates the [[economy]] as consisting of households and firms interacting in a goods and services market, a labor market, and a financial capital market. | ||
| + | *[[Goods and services market]]. A market in which firms are sellers of what they produce and households are buyers. | ||
| + | *[[Labor Market]]. The market in which households sell their labor as workers to businesses or other employers. | ||
| + | *[[Financial Capital Market]]. The market in which those who save money provide financial capital and receive a rate of return from those who wish to raise money and pay a rate of return. | ||
==Related lectures== | ==Related lectures== | ||
Revision as of 13:07, 30 May 2020
Economics is the study of production, distribution, and consumption of goods and services.
Definitions
According to Principles of Economics by Timothy Taylor (3rd edition),
- Economics. The study of production, distribution, and consumption of goods and services.
Key concepts
- Economy. The social arrangements that determine what is produced, how it is produced, and for whom it is produced.
- Economics. The study of the production, distribution, and consumption of goods and services.
- Market. An institution that brings together buyers and sellers of goods or services.
- Market oriented economy. An economy in which most economic decisions are made by buyers and sellers, who may be individuals or firms.
- Command economy. An economy in which the government either makes or strongly influences most economic decisions.
- Division of labor. Dividing the work required to produce a good or service into tasks performed by different workers.
- Specialization. When a worker or a firm focus on particular tasks in the overall production process for which they are well-suited.
- Economies of scale. When the average cost of producing each individual unit declines as total output increases.
- Globalization. The trend in which buying and selling in markets have increasingly crossed national borders.
- Exports. Goods and services that are produced domestically and sold in another country.
- Imports. Goods and services produced abroad and sold domestically.
- Microeconomics. The branch of economics that focuses on actions of particular actors within the economy, like households, workers, and business firms.
- Macroeconomics. The branch of economics that focuses on the economy as a whole, including issues like growth, unemployment, inflation, and the balance of trade.
- Circular flow diagram. A diagram that illustrates the economy as consisting of households and firms interacting in a goods and services market, a labor market, and a financial capital market.
- Goods and services market. A market in which firms are sellers of what they produce and households are buyers.
- Labor Market. The market in which households sell their labor as workers to businesses or other employers.
- Financial Capital Market. The market in which those who save money provide financial capital and receive a rate of return from those who wish to raise money and pay a rate of return.
