TAILIEUCHUNG - Economics Basics Tutorial

Much of demand is merely idiosyncratic to the individual – some people like plaids, some like solid colors. People like what they like. Often people are influenced by others – tattoos are increasingly common not because the price has fallen but because of an increased acceptance of body art. Popular clothing styles change, not because of income and prices but for other reasons. While there has been a modest attempt to link clothing style popularity to economic factors,4 by and large there is no coherent theory determining fads and fashions beyond the observation that change is. | Update 01 09 2006 Economics Basics Tutorial http university economics Thanks very much for downloading the printable version of this tutorial. As always we welcome any feedback or suggestions. http Table of Contents 1 Economic Basics Introduction 2 Economic Basics What Is Economics 3 Economic Basics Production Possibility Frontier Growth Opportunity Cost and Trade 4 Economic Basics Demand and Supply 5 Economic Basics Elasticity 6 Economic Basics Utility 7 Economic Basics Monopolies Oligopolies and Perfect Competition 8 Economic Basics Conclusion Economics Basics Introduction Economics may appear to be the study of complicated tables and charts statistics and numbers but more specifically it is the study of what constitutes rational human behavior in the endeavor to fulfill needs and wants. As an individual for example you face the problem of having only limited resources with which to fulfill your wants and needs as a result you must make certain choices with your money. You ll probably spend part of your money on rent electricity and food. Then you might use the rest to go to the movies and or buy a new pair of jeans. Economists are interested in the choices you make and inquire into why for instance you might choose to spend your money on a new DVD player instead of replacing your old TV. They would want to know whether you would still buy a carton of cigarettes if prices increased by 2 per pack. The underlying essence of economics is trying to understand how both individuals and nations behave in response to certain material constraints. We can say therefore that economics often referred to as the dismal science is a study of certain aspects of society. Adam Smith 1723 - 1790 the father of modern economics and author of the famous book An Inquiry into the Nature Page 1 of 22 Copyright 2006 - All rights reserved. - the resource for investing and personal finance education. .

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