The Internet makes it easy to learn about just about anything from anywhere, including economics. With all of the economics resources available for at-home learning, you can become an expert on macroeconomics and microeconomics. The world will feel a lot smaller once your role in the global economic system becomes clear. At the very least, you’ll be able to better manage your personal finances once you better understand some of the principles involved.

Economic Concepts

Economic terms and concepts are the building blocks of being able to talk about and understand economics. Economics is the balance between aggregate supply and aggregate demand. It’s the science of how the spending and saving patterns of firms and individuals affect the economy as a whole.

• A List of Economic Concepts: Review this list of economic concepts to familiarize yourself with the language of economics.
• What Is Opportunity Cost? Opportunity cost is what it costs you to make one choice instead of another.
• The Concept of Scarcity in Economics: Resources are always limited, and many people will be in competition for these resources.
• Aggregate Demand and How to Calculate It: Aggregate demand is the total demand of all consumers in the economy.
• Gross Domestic Product: A country’s GDP tells us about its economic health.
• Fiscal vs. Monetary Policy: Fiscal policy focuses on adjusting cash flows into the economy, while monetary policy involves adjusting interest rates.
• Defining and Calculating Aggregate Supply: This is a basic skill to have if you want to solve economic problems.

Macroeconomics

Macroeconomics is economics on a national scale. It’s about maximizing productivity and spending while promoting the overall economic health of an entire nation.

• Supply and Demand During the COVID-19 Pandemic: COVID-19 has drastically affected supply and demand across many industries.
• John Maynard Keynes: Keynes was the father of the Keynesian theory of economics.
• An Explanation of Keynesian Economics: Keynesian economics is based on the idea that aggregate demand stimulates the economy.
• Who Was Milton Friedman? Milton Friedman was awarded the Nobel Prize in economics for his work on stabilization theory.
• Trickle-Down Economic Theory: Trickle-down economics is founded on the idea that wealth will trickle down from the upper strata of the economic pyramid to the lower classes.
• How Interest Rates Affect the U.S. Economy: Lower interest rates encourage borrowing, which means consumers spend more money. When interest rates are higher, people save their money instead.
• Tax Policy and Macroeconomics: Tax revenues can decrease the budget deficit.

Microeconomics

Microeconomics is one step down from macroeconomics: It’s economics on a small scale. Many experts suggest that it’s not possible to completely understand macroeconomics without studying microeconomics.

• The Definition of Microeconomics: Microeconomics is the analysis of how individual economic players make spending and saving decisions.
• How Monopsonies and Monopolies Affect the Labor Market: A monopoly is when one firm is the sole producer of a certain good, while a monopsony is when one firm is the sole purchaser of a single good. Both scenarios affect employment and consumer behavior.
• Game Theory: Game theory is a way of modeling decision-making behavior, assuming that players are searching for the optimal outcome.
• The Law of Demand: According to the law of demand, there’s an inverse relationship between prices and quantities.
• Market Equilibrium: This is a state in which the demand and supply are equal.
• Pareto Efficiency: Pareto Efficiency is when all resources are allocated at maximum efficiency and any changes to the equilibrium would harm someone.
• Price Theory: Price theory is about how economic actors respond to price changes.

Global Economics

The global economic system is a macrocosm of individual countries’ economies. Countries with the economic power to raise tariffs and encourage domestic production are at an advantage compared to countries that are unable to provide for their domestic needs and must import even the most basic items.

• Dumping and its Effects: Dumping is when countries export their products for lower prices than the target country’s domestic suppliers.
• WTO Anti-Dumping Agreement: Some governments impose tariffs on foreign goods to prevent dumping.
• COVID-19 and the Global Economy: COVID-19 will have a lasting impact on the global economy.
• How Does the Global Economy Work? The availability of technology and the depletion of natural resources affect the global economy.
• Causes of the Global Financial Crisis: The collapse of the housing bubble caused the Great Recession and initiated a global financial crisis.
• The Link Between the Global Economy and Migration: Global productivity increases with migration as laborers move to locations with available jobs.

Personal Finance

It’s important to know how much money you have and how you should spend it. Life without financial planning is unstable and precarious. Technology has enabled us to move money faster than ever before. That makes it even more important to keep a close eye on your money by making a monthly budget to plan for emergencies and save up for your goals.

• How to Avoid Sinking Into Debt: Avoid drowning in debt with this helpful advice.
• Improving Your Financial Literacy: Being financially literate is necessary for true financial independence.
• Budget-Balancing Strategies: Balancing your budget helps you to save money.
• A Beginner’s Guide to Mortgages: Thinking about purchasing your first home? This is how mortgages work.