Economics Basics Tutorial Investopedia（经济学基础教程Investopedia）.pdfVIP

Economics Basics Tutorial /university/economics/ Thanks very much for downloading the printable version of this tutorial. As always, we welcome any feedback or suggestions. /contact.aspx Table of Contents 1) Economic Basics: Introduction 2) Economic Basics: What Is Economics? 3) Economic Basics: Production Possibility Frontier, Growth, Opportunity Cost and Trade 4) Economic Basics: Demand and Supply 5) Economic Basics: Elasticity 6) Economic Basics: Utility 7) Economic Basics: Monopolies, Oligopolies, and Perfect Competition 8) Economic Basics: Conclusion Economics Basics: Introduction 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. As an individual, for example, you face the problem of having only limited resources with which to fulfill your wants and needs, as a result, you must make certain choices with your money. Youll probably spend part of your money on rent, electricity and food. Then you might use the rest to go to the movies and/or buy a new pair of jeans. Economists are interested in the choices you make, and inquire into why, for instance, you might choose to spend your money on a new DVD player instead of replacing your old TV. They would want to know whether you would still buy a carton of cigarettes if prices increased by $2 per pack. The underlying essence of economics is trying to understand how both individuals and nations behave in response to certain material constraints. We can say, therefore, that economics, often referred to as the dismal science, is a study of certain aspects of society. Adam Smith (1723 - 1790), the father of modern economics and author of the famous book An Inquiry into the Nature and Causes of