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This article has been reproduced with the permission of Business Insider
easy economics
The 12 things in economics that everybody should know
The 10 concepts – plus two bonus insights – that everybody should know about economics.
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ECONOMIC CONCEPTS HAVE been discussed a lot over the last week, but sometimes it’s good to go back over the basics.
Balaji Viswanathan, CEO of ZingFin.com, has written a great post on Quora, going over the 10 concepts – plus two bonus insights – that everybody should know.
It’s a very good overview that runs through key definitions, concepts, and theories.
Economics has two main streams - Microeconomics and Macroeconomics
Law of Supply & Demand: This is the founding block of economics
Marginal Utility
Gross Domestic Product (GDP)
Growth Rate
Inflation
Interest Rates
Interest Rates v Inflation v Growth
Fiscal Policy
Business Cycle
Opportunity Cost
Comparative Advantage
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