Business Insider: The 10 Things In Economics That Everybody Should Know
We discuss a lot of economic concepts here, but sometimes it's good to go back over the basics.
Balaji Viswanathan, CEO of ZingFin.com, has written a great post on Quora, going over the 10 concepts that everybody should know.
It's a very good overview that runs through key definitions, concepts, and theories.
We thank Viswanathan for giving us permission to feature this. …
Apparently, the editors are numerically challenged because despite the title of the article, twelve things are listed:
- Economics has two main streams – Microeconomics and Macroeconomics.
- Law of Supply & Demand: This is the founding block of economics.
- Marginal Utility
- Gross Domestic Product (GDP)
- Growth Rate
- Inflation
- Interest Rates
- Interest Rates vs. Inflation vs. Growth
- Fiscal Policy
- Business Cycle
- Opportunity Cost
- Comparative Advantage (Mistakenly labeled the Business Cycle)
There! Learn these, and you are an expert economist.
Leave a Reply