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 becaused despite the title 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
- Interest Rates
- Interest Rates vs. Inflation vs. Growth
- Fiscal Policy
- Business Cycle
- Opportunity Cost
- Comparative Advantage (Mistakenly labeled the Business Cycle)