easy economics

The 12 things in economics that everybody should know

The 10 concepts – plus two bonus insights – that everybody should know about economics.

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, 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.

The 12 things in economics that everybody should know
1 / 12
  • 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

Main image: JaulaDeArdilla via Flickr

This article has been reproduced with the permission of Business Insider

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