All academic subjects have a foundation. This domain features the key concepts upon which Economics is built.
Overview: Limited resources, unlimited wants. Any study of economics starts here!
Overview: In this concept you'll learn why there is no such thing as a free lunch... or free anything.
Overview: All goods and services require resources. In this concept you will learn what these resources are and get practice identifying them.
Overview: Think you have what it takes to make it on Shark Tank? Click on this concept to learn more about what entrepreneurship is really about.
Overview: When is enough really enough? Just how many slices of pizza should you eat? Is it worth studying one more hour? Marginal analysis can help answer these questions and many more!
Overview: Much of economics relies on a simple premise: incentives matter. This lesson explains why.
Overview: Here you will learn why if you want a job done right, you probably should NOT do it yourself. At least, you shouldn't do every job yourself.
Overview: When you purchase something you may tell the cashier "thank you." Typically, the cashier will reply "thank you" as well. This concept explains why.
Overview: Who should decide what to do with the resources in a country? The people? The government? Both? These questions form the basis for understanding economic systems.
Overview: Which economic system is "better?" The answer depends on what the goals of a society are. In this lesson, you will learn about a variety of goals and how different systems prioritize those goals.
Overview: First-come-first-served? Price? Sharing? Figuring out who gets what can be complicated! This lesson will help you understand a variety of methods people use to divide up resources, goods, and services.
Overview: It's no secret that government is significantly involved in the U.S. Economy. But do you know all the things the various levels of government do in the economy? This lesson will help you understand the complex ways the government interacts with the U.S. Economy.
Overview: Is it accurate to say that one group of people live "better" than another? The concept of standard of living tries to answer that question - but sometimes comes up short. This lesson explains why.
Overview: How may pushups can you do in 30 seconds? How many text messages can you send in 30 seconds? What would happen if you had to do pushups AND send text messages at the same time? A production possibilites curve can show you.
Overview: GDP? Inflation? Unemployment? You've heard about them on the news, get insight into why they matter here.
Overview: Just like individual markets have supply and demand, there is also supply and demand for an entire country. This concept explains the similarities and differences.