Economics Basics Tutorial

Jul 5th, 2015
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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.

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Economics BasicsTutorialhttp://www.investopedia.com/university/economics/Thanks very much for downloading the printable version of this tutorial.As always, we welcome any feedback or suggestions.http://www.investopedia.com/contact.aspxTable of Contents1) Economic Basics: Introduction2) Economic Basics: What Is Economics?3) Economic Basics: Production Possibility Frontier, Growth,Opportunity Cost and Trade4) Economic Basics: Demand and Supply5) Economic Basics: Elasticity6) Economic Basics: Utility7) Economic Basics: Monopolies, Oligopolies, and Perfect Competition8) Economic Basics: ConclusionEconomics Basics: IntroductionEconomics may appear to be the study of complicated tables and charts,statistics and numbers, but, more specifically, it is the study of what constitutesrational human behavior in the endeavor to fulfill needs and wants.As an individual, for example, you face the problem of having only limitedresources with which to fulfill your wants and needs, as a result, you must makecertain choices with your money. You'll probably spend part of your money onrent, electricity and food. Then you might use the rest to go to the movies and/orbuy a new pair of jeans. Economists are interested in the choices you make, andinquire into why, for instance, you might choose to spend your money on a newDVD player instead of replacing your old TV. They would want to know whetheryou would still buy a carton of cigarettes if prices increased by $2 per pack.

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