Introduction Definitions and Basics ●      Definitions: Adam Smith, biography from the Concise Encyclopedia of Economics ●      Smith saw the main…

Introduction If you do everything better than anyone else, should you be self-sufficient and do…

Introduction Definitions and Basics ●      Economic Growth, at Answers.com ●      An increase in the capacity of an economy…

Introduction Definitions and Basics ●      National Income Accounts, from the Concise Encyclopedia of Economics ●      The broadest and most…

Introduction Definitions and Basics ●      Inflation, from the Concise Encyclopedia of Economics ●      Economists use the term "inflation" to…

Introduction ●      Definition: The nominal price of a good is its value in terms of money,…

Economists use scientific observation and deduction in their investigations. To achieve this they: Describe and measure the…

Introduction ●      Opportunity cost refers to what you have to give up to buy what you…

Introduction In economics, incentives matter. If you make decisions without thinking about your personal incentives,…

Introduction ●      The word "welfare" has two very different meanings in economics. The most familiar meaning…