economics

• About Economics


  The study of the allocation of scarce resources to meet unlimited wants and needs
• Scarcity


  The fundamental problem of economics where unlimited wants exceed limited resources
• Opportunity Cost


  The cost of choosing one option over another
• Supply and Demand


  The price and quantity of goods and services in a market
• Market Equilibrium


  When the supply and demand curves intersect
• Supply


  The amount of a good or service that producers are willing and able to produce at a given price
• Supply and Demand

  The interaction between the amount of a good or service that producers are willing and able to produce and the amount of a good or service that consumers are willing and able to buy at a given price
• Law of Demand


  As the price of a good or service decreases, the quantity demanded tends to increase
• Law of Supply


  As the price of a good or service increases, the quantity supplied also tends to increase
• Costs


  The negative consequences or losses incurred by an individual, group, or society as a result of a decision or action
• Benefits


  The positive outcomes or gains achieved from a decision or action
• Financial Costs


  The money spent to achieve a goal or solution
• Pros and Cons


  The advantages (benefits) and disadvantages (costs) of a decision or action
• Direct Benefits


  The immediate and tangible outcomes of a decision or action
• Indirect Benefits


  The secondary or indirect outcomes of a decision or action
• Inequality


  The unequal distribution of wealth, power, and opportunities within a society
• Economic Inequality


  The unequal distribution of wealth and income
• Social Inequality


  The unequal distribution of social status, prestige, and recognition
• Investment


  The act of putting money or resources into something in the hopes of gaining a benefit or return in the future
• Stock Market Investment


  Investing in shares or stocks to generate returns
• Investment Strategies


  Diversification, hedging, and long-term investing manage risk and maximize returns