Economics can actually be defined a few different ways: its the study of scarcity, the study of how people use resources, or the study of decision-making. Economics often involves topics like wealth, finance, recessions, and banking, leading to the misconception that economics is all about money and the stock market. Actually, its a much broader discipline that helps us understand historical trends, interpret todays headlines, and make predictions for coming decades.
One of the central tenets of economics is that people want certain things and will change their behavior to get those things in other words, people will respond to incentives.
Economic study ranges from the very small to the very large. The study of choices by individuals (like how someone decides to budget their paycheck each month) is called microeconomics.
The study of governments, industries, central banking, and the boom and bust of the business cycle is called macroeconomics.
Much of economics involves using data gathered by governments, businesses, or in the laboratory to test hypotheses about whether a certain program, event, or incentive will have the expected effect. Another branch of economics focuses on using economic theory to make predictions about how people and markets will behave.
This App of Economics gives detailed information on Economic Development. This app contains all the basic to advanced concepts on Economics.
Few Topics covered in this App are Listed Below
What is Economics?
The nature of economics
The study of economics
The methods used by economists
Factors of production
Types of production
The role of money in exchange
The economic problem
Choice and opportunity cost
Samuelson's three questions
Production possibility frontiers
Increasing opportunity cost
Pure public goods
Quasi public goods
The supply of merit goods
Merit goods and positive consumption externalities
Education as a merit good
Wellbeing and Welfare
Exchange and Trade
Employment and Unemployment
Barriers to Trade
Balance of Trade and Balance of Payments
Foreign Currency Markets and Exchange Rates
Saving and Investing
Globalization, Interdependence, and Local Trade
Roles of Government
Market Failures, Public Goods, and Externalities
Government Failures, Rent Seeking, and Public Choice
Government Budget Deficits and Government Debt