Unemployment economics studies the causes, consequences, and potential solutions to unemployment. It examines the complex interplay of factors influencing job creation and job loss within an economy. Key Characteristics / Core Concepts Labor Force Participation Rate: The percentage of the working-age population actively seeking employment. Unemployment Rate: The percentage of the labor force that is … Read more
Trade is the exchange of goods and services between individuals, businesses, or countries. It’s a fundamental aspect of economic activity, facilitating specialization and the efficient allocation of resources. Key Characteristics / Core Concepts Exchange of Value: Trade involves the mutual transfer of something of value, typically goods or services. Specialization: Trade allows individuals and countries … Read more
Microeconomics is the branch of economics that studies the behavior of individual households and firms in making decisions on the allocation of limited resources. It analyzes how these individual decisions interact within markets. Key Characteristics / Core Concepts Supply and Demand: The fundamental forces that determine prices and quantities in markets. Market Structures: Different types … Read more
Macroeconomics is the branch of economics that studies the behavior and performance of an economy as a whole. It focuses on broad aggregates and their interactions within the entire economic system. Key Characteristics / Core Concepts Aggregate Demand and Supply: The overall demand and supply of goods and services in an economy. Economic Growth: The … Read more
International trade is the exchange of goods and services between countries. It’s a vital part of the global economy, connecting nations through commerce. Key Characteristics / Core Concepts Exchange of goods and services: Involves the buying and selling of products and services across international borders. Cross-border transactions: Requires navigating different legal, regulatory, and cultural environments. … Read more
Health economics is the application of economic principles and methods to the health sector. It studies how scarce resources are allocated to meet health needs and improve health outcomes. Key Characteristics / Core Concepts Resource Allocation: Focuses on efficient distribution of limited healthcare resources (funds, personnel, equipment). Cost-Effectiveness Analysis: Evaluating the relative cost and benefit … Read more
Global economics studies the economic interactions between countries. It examines how nations trade, invest, and compete in the international marketplace. Key Characteristics / Core Concepts International Trade: The exchange of goods and services across borders. Foreign Direct Investment (FDI): Investments made by companies in foreign countries. Exchange Rates: The value of one currency relative to … Read more
Economic theory is a collection of ideas and models that attempt to explain how economies function. It provides a framework for understanding economic phenomena, such as production, distribution, and consumption of goods and services. Key Characteristics / Core Concepts Scarcity: Resources are limited, forcing choices about how to allocate them. Opportunity Cost: The value of … Read more
Capitalism is an economic system where the means of production are privately owned and operated for profit. It’s characterized by competition, free markets, and the pursuit of individual gain. Key Characteristics / Core Concepts Private Property: Individuals and corporations own the means of production (factories, land, resources). Free Markets: Prices are determined by supply and … Read more