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 tene

ts 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

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