Economics: learn the essentials
Topics, terms and formulas in economics, explained in plain English.
Market Structures
Markets set prices through supply and demand. Structures run from perfect competition to monopoly, and externalities or public goods are where markets alone fall short.
Money & Prices
Money and prices move together: inflation lowers purchasing power, interest rates set borrowing costs, and elasticity shows how demand reacts to price changes.
Costs & Output
Costs shape output decisions: marginal cost is the cost of one more unit, scale lowers average cost, but diminishing returns raise it when you crowd a fixed resource.
Policy & Labor
Governments steer economies with taxes, spending, subsidies, price ceilings, tariffs and minimum wages. Each policy helps some groups and shifts costs to others.
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