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The Beechmont Crest Guide to Economics

 

Basic Concepts

• What is Economics? Why is it so Important?

• How does Microeconomics Differ from Macroeconomics?

• Ceteris Paribus

• Goods and Money Flow in a Circle

• Positive versus Normative Economics

• Factors of Production

• Opportunity Cost

• The Law of Increasing Costs

• Comparative Advantage

• Measuring Consumer Demand with Demand Curves

• The Production Possibility Frontier

• The History of the Credit Card

• What’s the Difference between GDP and GNP?

• Is OPEC rational? How Supply and Demand Interact

 

Glossary of Economic Terms (new and under construction)

• Absolute Advantage -  After Tax Income