Economics 101 – Learn Economics
Learn economics 101 with these introductory to advanced articles introducing you to economics topics. Whether you are looking to supplement your classes, or are just interested in expanding your knowledge of economics, use these in-depth economics 101 articles to assist you in your learning.
Behavioral Economics – Behavioral economics seeks to unite the basic principles of neoclassical economics with the realities posed by human psychology. The theory grew out of neoclassical economics in the early 20th century when neoclassical theory fell short of explaining the anomalies that occur within market economies.
Environmental Economics – Environmental economics seeks to measure the external environmental effects, or costs, of economic decisions and propose solutions to mitigate or eliminate those costs to better manage natural resources and promote social well-being.
Macroeconomics – Macroeconomics refers to how economists in this field analyze the structure and function of large-scale economies as a whole, whether regional, national or global. Macroeconomics examines the complex interplay between factors such as national income and savings, gross domestic product, gross national product, consumer and producer price indexes, consumption, unemployment, foreign trade, inflation, investment and international finance.
Microeconomics – Microeconomics examines the impact that economic choices made by individuals, businesses and industries have on resource allocation and the supply and demand of goods and services in market economies. Because supply and demand determine the price of goods and services, microeconomics also studies how prices factor into economic decisions, and how those decisions, in turn, affect prices.
History of Economics – A history of economics and economic theory dating from Plato to modern Keynesian economic theory.
Monetary Economics – Monetary economics examines how currencies enter the marketplace and become accepted as mediums of exchange for goods and services. It also analyzes government regulation of money and financial institutions, the structure and interaction of monetary systems, financial history and the demand for money—basically, anything involving bankers and banknotes. Because the exchange of money pervades the economic system at every level, monetary economics is largely a study in macroeconomics.
Neoclassical Economics – Neoclassical economics grew out of the Classical School of economic thought proposed by economist Adam Smith in the 18th century. It sought to become a more encompassing economic theory by introducing two new concepts to Classical economics: perceived value (utility) and marginalism.
The Law of Supply and Demand – For a market economy to function, producers must supply the goods that consumers want. This is known as the law of supply and demand. “Supply” refers to the amount of goods a market can produce, while “demand” refers to the amount of goods consumers are willing to buy. Together, these two powerful market forces form the main principle that underlies all economic theory.
What is Economics? – Ever wonder why food costs rise when gas prices spike? Ever question why U.S. politicians worry when other countries talk of going bankrupt? Ever wonder why you can’t get a good interest rate on your savings account? All of these phenomena can be explained through economics.