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Economics Basics

This category gives an overview of what economics is and what readers need to know when they first start studying economics.
  1. Glossary (7)
  2. How To Use This Site (4)

What Is Economics?
This article describes what economics is and what economics isn't.

Microeconomics Versus Macroeconomics
This article explains the distinction between microeconomics and macroeconomics.

Economics as the "Dismal Science?"
This article explains the background of how economics came to be known as the dismal science.

Positive Versus Normative Analysis in Economics
This article explains the role of economics in public policy and explains the difference between positive and normative analysis.

The Circular-Flow Model
This article describes the circular-flow model and explains how it shows the movement of money, goods and services, and factors of production in an economy.

Opportunity Cost as True Economic Cost
This article introduces the concept of opportunity cost and explains how it is used in economic decision making.

The Assumptions of Economic Rationality

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