About This Chapter
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Topics from your homework you'll be able to complete:
- Basic economics
- Flow of economic activity
- Competition and free markets
- Communism and socialism
- Mixed economies
- Gross domestic product (GDP)
- Unemployment rate
- Business cycle
- Depression and recession
- Fiscal and monetary policy
1. What is Economics? - Definition & Types
Few things affect the day-to-day lives of everyone more than the economy. In this lesson, you'll learn about economics, including some of its foundational topics and concepts. You'll also have a chance to take a quiz after the lesson.
2. Circular Flow of Economic Activity: The Flow of Goods, Services & Resources
Learn about the simple model used to describe where money goes and what it is exchanged for in a market economy. The circular flow model of economic activity shows you the basic relationships between households, firms and the government.
3. Capitalism and the Free Market: Definition & Limitations
Capitalism is an economic system that has played a dominant part in building the world in which we currently live. In this lesson, you'll learn about some key concepts of capitalism, as well as its limitations.
4. Competition Within Free Markets: Types & Summary
We live in a free market economy, but that doesn't mean there is always free competition. In this lesson, you'll learn about perfectly competitive markets, monopolies, monopolistic markets and oligopolies.
5. Understanding Socialism, Communism, and Mixed Economies: Comparison & Analysis
Socialism and communism are alternative economic systems to capitalism. In this lesson, you'll learn some of the key concepts behind these economic systems. You'll also learn about mixed economic systems.
6. Gross Domestic Product: Definition and Components
Learn how economists measure the total production of an economy using gross domestic product (GDP). This lesson also outlines the components that make up a GDP. How do we calculate the economic value of a nation?
7. Defining and Measuring the Unemployment Rate
You've probably heard about the unemployment rate, especially given how high it was in the 2008 recession. Find out how economists define unemployment, what the unemployment rate is, and how to calculate it in this lesson.
8. The Business Cycle: Economic Performance Over Time
Learn the economic terms that describe economic performance over time and how indicators such as unemployment and inflation behave throughout these economic fluctuations.
9. Productivity: The Economy's Long-Run Growth Engine
Using real-world examples, you'll learn more about what productivity is and four things that determine it within a nation - physical capital, technology, human capital, and natural resources.
10. Consumer Price Index: Measuring the Cost of Living and Inflation
In this lesson, you'll learn what the Consumer Price Index is and how it measures changes in the level of prices in an economy. You'll also learn about the important economic concepts of inflation and deflation. Why do prices always seem to be going up?
11. Recession vs. Depression: Definitions and Differentiation
Discover the real differences between recession and depression, including how economists actually define the two terms and when they have happened in the past.
12. How Fiscal Policy and Monetary Policy Affect the Economy
Governments often intervene in their economies in an attempt to maintain economic stability. In this lesson, you'll learn about fiscal and monetary policies, including what effect they can have on a national economy. A short quiz follows.
13. What is the Law of Demand in Economics? - Definition & Example
Learn about one of the most fundamental laws in economics and how it is ingrained in your thinking and actions. Hear about some examples that reinforce this powerful law and a few rare exceptions.
14. Fixed Costs: Definition, Formula & Examples
Understanding an organization's cost structure is essential for management to make appropriate investments. In this lesson, you'll learn the definition of fixed costs and why understanding fixed costs is an important part of financial management.
Fixed Costs List & Flashcards
Use these flashcards to get familiar with fixed costs. You can review formulas that use this cost and get practice solving business problems that deal with it.
16. Total Cost in Economics: Definition & Formula
Learn about what total cost really means in the economic world. Find out the important components that make up total cost and see how to correctly calculate some common total costs of products and services you may be familiar with.
17. Trade-Offs in Economics: Definition & Examples
Learn about trade-offs in economics and why they are important to understand when making good decisions about your time, money and energy. Read about some trade-offs that you make every day, whether you realize it or not.
18. Command Economy: Definition, Characteristics, Advantages & Examples
In this lesson, learn what a command economy is as well its defining characteristics. Advantages to a command economy, and examples, will be discussed.
19. Competitive Market: Definition, Characteristics & Examples
In this lesson, we will look at competitive markets, along with five characteristics that make up this type of market. The lesson will be concluded with a summary and a quiz.
20. Convergence Theory: Definition & Examples
Theorists have speculated that as nations develop they began to converge or to develop certain traits or characteristics of other developed nations. This lesson examines different perspectives of convergence theory.
21. Crowding Out in Economics: Definition & Effects
Financial resources are limited, and there isn't always enough to go around. In this lesson, you'll learn about the economic concept of crowding out, including what it is and its effect. A short quiz follows the lesson.
22. Cyclical Unemployment: Definition & Examples
We all probably know what unemployment is, but not all the different types of it. In this lesson, you'll learn about cyclical unemployment and be provided some examples. You'll also have a chance to take a short quiz.
23. David Ricardo: Economic Theories & Concept
In the late 1700s, as the Industrial Revolution switched into high gear, economics blossomed as a field of study. In this lesson, you'll learn about David Ricardo, one of the economists of that era whose ideas are still used today.
24. Deadweight Loss in Economics: Definition, Formula & Example
In this lesson we will discuss the concept of deadweight loss. We will first define it, then apply the formula needed to calculate it, and cite examples.
25. Demand-Pull Inflation: Definition, Theory, Causes & Examples
In this lesson, we'll learn about demand-pull inflation. We'll define it and learn what causes this type of inflation. An example and lesson summary will then be used to for clarification.
26. Diamond-Water Paradox in Economics: Definition & Examples
Learn what the diamond-water paradox is. Find out why we are often willing to pay more for items we get very little use out of as compared to practical items we need for everyday life.
27. Diminishing Marginal Utility: Definition, Principle & Examples
Diminishing marginal utility is an important concept in economics and helps explain consumer demand. In this lesson, we will explore this topic, look at some real-world examples, and end with a quiz.
28. Dumping in Economics: Definition & Effects
Find out what dumping in economics means and the effects it can have on markets, both positive and negative. Learn why you might either benefit from lower prices or potentially lose your job from the effects of dumping.
29. Economic Benefits: Definition & Concept
Economic benefits are often used to determine what may be gained from making certain business or political decisions. In this lesson, you will learn what economic benefits are and how they can be measured.
30. Economic Deregulation: Definition, Benefits & Example
This lesson presents economic deregulation and its impact on industries. The lesson will also present key definitions, the advantages and disadvantages of deregulation, and examples for clarification.
31. Interest Capitalization: Rules & Example
In this lesson, we'll discuss the interest capitalization rule in accounting. We'll define interest capitalization, and explore how it's used. We'll also review an example to see how this rule is applied in real-world accounting.
32. Interest Group: Definition, Purpose, Theory & Examples
Interest groups play a major role in shaping public policies that impact business practices. The following lesson will introduce you to the definition, purpose, theories, and examples of interest groups.
33. Interest Revenue: Definition & Formula
In this lesson, we'll define two types of interest revenue. We'll also explore which financial statement of interest revenue is shown on the income statement, and where and how it's recorded.
34. Intermediate Goods: Definition & Examples
Businesses don't just sell goods. They also consume goods. In this lesson, you'll learn about intermediate goods, some related concepts, and be provided some examples.
35. Internal Stimulus: Definition & Explanation
In this lesson, we will define internal stimulus and explain how it relates to buyer behavior. We will further clarify the definition with specific examples.
36. Invisible Hand in Economics: Definition & Theory
Learn what the invisible hand is and where it came from. Find out how self-interest plays a key role in guiding the economy and how it can result in better prices for you.
37. Irving Fisher: Biography & Theory of Interest
Irving Fisher was as an American economist who made important contributions in economics. In this lesson, you'll learn a bit about Irving Fisher and his theory of interest. You'll also have a chance to take a short quiz.
38. John Maynard Keynes: Economic Theory & Overview
Only the most influential thinkers in a discipline have an entire field named after them. In this lesson, you'll learn about one such economist - John Maynard Keynes. After the lesson, you can test your understanding with a short quiz.
39. Joseph Juran's Theory & Definition of Quality
Joseph Juran made very significant contributions to the importance of quality control in all aspects of production. In this lesson, you'll learn a little bit about Juran, and his definition and theory of quality.
40. Keynesian Economics: Definition, History, Summary & Theory
This lesson presents the theory of Keynesian economics, its origination and development. It also connects Keynesian economics with other economic concepts.
41. Labor Market: Definition & Theory
Most of us have to work for a living and that means we must participate in the labor market. In this lesson, you'll learn about what the labor market is, as well as the theory behind it.
42. Laissez Faire Economics: Definition & Examples
Find out what 'laissez faire' means and why so many people feel strongly in this economic belief. Learn why the approach seems to come and go through history and where it got its origins.
43. Law of Supply: Definition & Example
This lesson explains the law of supply. We will discuss the connection between the law of supply and pricing and cover several examples to further explain the law of supply in action.
44. Legal Monopoly: Definition & Examples
In this lesson, we will learn about legal monopolies. We will define the term, look at contributing factors, and apply the term to a real-life example. This will be followed by a summary and a quiz.
45. LM Curve in Macroeconomics: Definition & Equation
In macroeconomics, the LM curve is the liquidity preference and money supply curve, and it shows the relationship between real output and interest rates. In this lesson, we'll further explore this important tool and its equation.
46. Macroeconomic Equilibrium: Definition & Overview
When customers want something and businesses have what they want, you could say that supply and demand is equal. In this lesson, we'll learn why this happens and what factors contribute to that state of equilibrium.
47. Marginal Analysis in Economics: Definition, Formula & Examples
In this lesson, we'll discuss marginal analysis, a very important economic concept. It explains how individuals and businesses make decisions regarding commodities. We'll go over the formula and look at examples before concluding the lesson with a quiz.
48. Marginal Benefit in Economics: Definition & Example
In this lesson, we'll learn about marginal benefit. We'll define the term and look at some examples. We'll also learn how to calculate marginal benefit.
49. Marginal Product of Labor: Definition, Formula & Example
It takes a variety of factors for a company to succeed. In this lesson, we'll learn about one of those: marginal product of labor. We'll define the term and learn the formula to calculate it.
50. Marginal Product: Definition & Example
In this lesson, we will define marginal product. We will look at the equation for marginal product and then apply it to a real example. We will close the lesson with a summary and quiz.
51. Marginal Rate of Substitution: Definition, Formula & Example
The amount of satisfaction derived from a good determines how much of that good the consumer needs to be fully satisfied. This lesson discusses the combination of goods needed for that satisfaction.
52. Marginal Value in Economics: Definition & Theorem
Have you ever wondered how a new employee can add positive or negative value to an organization? In this lesson, we will learn how to interpret the meaning of marginal value in economics.
53. Market Coverage: Definition & Strategy
The cost of advertising has been known to put a company out of business. It is important to take a look at your goal for market coverage and plan accordingly. This lesson takes a look at the optional strategies and how to implement them.
54. Market Power in Economics: Definition, Sources & Examples
This lesson aims to present market power in the economic sense. It will provide a definition, sources, and examples of how organizations can use economic power to their advantage, to maximize their profit potential.
55. Medium of Exchange in Economics: Definition & Examples
In this lesson, we will explain the term, medium of exchange. We will look at how money is the typical form of medium of exchange and how it functions. We will close with a summary and a quiz.
56. Monopolistic Competition: Definition, Theory, Characteristics & Examples
A market economy relies on competition in order to be successful. There are multiple forms of competition. This lesson discusses monopolistic competition, which is competition based on product differentiation.
57. Monopoly Power: Definition, Sources & Abuse
In this lesson, we will learn the definition of monopoly power. We will learn how monopolization applies in a business law and economic context. In addition, we will look at some examples of monopoly power.
58. Moral Hazard in Economics: Definition & Examples
Learn what a moral hazard is and why they exist between individuals and businesses. Find out some common examples of moral hazards and discover where the term was first used.
59. Multiplier in Economics: Definition, Effect & Formula
When the government attempts to stimulate the economy through increased spending, how do they know how much to increase spending by? That question is answered by understanding the multiplier in economics.
60. Oligopoly: Definition, Characteristics & Examples
One of the most interesting market structures we will talk about today is called an oligopoly. We will go over the definition, characteristics, and some interesting examples.
61. Payoff Matrix in Economics: Theory & Examples
In this lesson, you'll define what a payoff matrix is, learn how a payoff matrix is built, and understand how to read each part of the payoff matrix. You'll also determine how to apply your knowledge of the payoff matrix to predict the actions of others.
62. Perfect Competition: Definition, Characteristics & Examples
This lesson will outline some key factors that help determine if a perfect competition has been met. Examples will be given to help explain perfect competition in real-life scenarios.
63. Perfectly Competitive Market: Definition, Characteristics & Examples
In this lesson we'll learn about perfectly competitive markets. We'll define characteristics associated with these types of markets and look at some industries that meet some of the criteria.
64. Point Elasticity: Method & Formula
This lesson will discuss the law of demand and the demand curve. We will then build to point elasticity, the mathematical formula used to calculate it, and why point elasticity is useful in business.
65. Post Hoc Fallacy in Economics: Definition & Examples
Learn what a post hoc fallacy is and why you may fall victim to this thinking and not even realize it. Find out why people and businesses often think this way and see some common examples of this thinking.
66. Potential Output in Economics: Definition & Overview
In this lesson, we will explore the term potential output. We will define the term and look at what factors need to be considered in order to reach potential output. The lesson will be concluded with a summary and a quiz.
67. Price Ceiling in Economics: Definition, Effects & Examples
This lesson will discuss the concept of a price ceiling in economics and the need for government intervention. It will provide key definitions, effects, and examples.
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