Economics

Economics studies how people and societies produce, distribute, and consume goods and services, especially when resources are scarce. It examines choices, institutions, incentives, and their effects on well-being.

Scarcity: A condition in which available resources cannot satisfy every possible use or want. Scarcity makes choices and trade-offs unavoidable.
Market: An arrangement through which buyers and sellers exchange goods, services, or assets. Markets coordinate many production and consumption decisions through exchange.
Keynesian economics: An economic tradition emphasizing aggregate demand and the role of stabilization policy in economic fluctuations. It supports demand management when private spending is insufficient to sustain output.
Macroeconomics: The study of economy-wide outcomes such as output, employment, inflation, and growth. It applies economic analysis to national and global aggregates.
Economic growth: An increase over time in the production of goods and services in an economy. Growth can expand material resources while raising questions about distribution and sustainability.
Opportunity cost: The value of the best alternative forgone when a choice is made. It measures what a decision gives up, not merely what it spends.
Price mechanism: The process by which prices communicate scarcity and coordinate decisions among buyers and sellers. Changing prices can redirect resources without a central planner.
Monetarism: An economic school emphasizing the effects of money supply and monetary policy on output and prices. It gives monetary conditions a more central role in stabilization than many Keynesian accounts.
Microeconomics: The study of choices by individuals and firms and their interactions in markets. It examines the decision-making units underlying broader economic outcomes.
Income inequality: The uneven distribution of income among individuals or groups within a population. Economic outcomes distribute earnings and opportunities unequally.

Linked from 13 pages