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Economic Information for Beginners


Economic Basics covers topics such as "What is Economics?" and "What are the various fields of Economics?" The user path contains a great deal of introductory information for those interested in economics.
  1. What Is Economics?
  2. Fields of Economics
  3. Advice for Economics Students
  4. Supply and Demand
  5. Elasticity
  6. Price System
  7. Externalities and Market Failures
  8. Market Structure
  9. Opportunity Costs
  10. Financial Costs and Decision Making
  1. Economic Growth and Real GDP
  2. Unemployment and the Labor Market
  3. Inflation
  4. Interest Rates
  5. Exchange Rates
  6. Fiscal Policy and Spending
  7. Taxation
  8. Famous Economists
  9. Economics Graduate School
  10. Econometrics

What Is Economics?

This section answers questions such as: What is Economics? Why should I study Economics? What do Economists do?

Fields of Economics

The Fields of Economics section examines the various kinds of problems that economists work on.

Advice for Economics Students

Are you an economics student that needs general advice? Look no further.

Supply and Demand

When one thinks of economics, the concepts of "supply" and "demand" come immediately to mind. But what do we mean by supply and demand? How to we use these concepts?


Once we understand supply and demand, we need to move on to the concept of elasticity. Elasticity helps us understand how firm and consumers alter their decisions in response to changing prices.

Price System

A look at the role prices play to the economy and to individual decision making. Who determines prices, and how?

Externalities and Market Failures

Supply, demand and the price system work perfectly when no costs or benefits spill over to third parties. What happens, though, if this is not the case? What happens when externalities or other market failures occur?

Market Structure

An examination of these various ways markets can be structured, such as monopolies and oligopolies.

Opportunity Costs

An examination of the role opportunity costs play in economic analysis and the role opportunity costs play in individual decision making.

Financial Costs and Decision Making

Microeconomics has a number of cost measures such as 'marginal cost' and 'average variable cost'. What do these cost measures mean? How do we use them?

Economic Growth and Real GDP

How do we measure the size of the economy? And why do economies grow... or fail to grow?

Unemployment and the Labor Market

An examination of unemployment, the unemployment rate and jobs. How are jobs created and destroyed in an economy? Why do we have unemployment?


What causes the overall level of prices in an economy to rise... or fall?

Interest Rates

Interest Rates play an important role in economics, as they affect purchasing and consumption decisions made by consumers, firms and governments.

Exchange Rates

Another concept introduced early in economics is exchange rates - particularly exchange rates between currencies. But where do these values come from? Why is the U.S. dollar worth what it is?

Fiscal Policy and Spending

How does government spending impact the economy? Can fiscal policy be used as a mechanism to promote economic growth?


What types of taxes are there in our economy? Who pays them? How do various taxes affect the economy?

Famous Economists

Information about famous economists and winners of The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel.

Economics Graduate School

Thinking of doing graduate work in Economics? See these resources before you apply.


If you're a student who is required to complete an econometrics project, you will want to see the following resources.

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