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Economics is the means by which humans build value to transcend need, poverty and risk. The term stems from the Ancient Greek oikos nomos that's literally translated "rules of the house." This is suitable because economies are essentially a set of rules for production, employment, exchanging value, distributing and storing wealth. The following are everyday examples of economics.
MacroeconomicsEconomics is broadly divided into macroeconomics that looks at economies as a whole and microeconomics that looks at the behavior of market participants. Macroeconomics is concerned with modeling, measuring and critiquing entire economies or economic systems. MicroeconomicsMicroeconomics looks at the behavior of firms, consumers, employees and other economic actors such as agents. For example, the concept of marginal utility which is the value of one more of a good to a consumer. This helps to explain real world consumer behavior such as being willing to pay $500 for one bicycle but having no need of a second bicycle even if the price drops to $250.Marketing EconomicsEconomics that looks at marketing factors such as pricing, promotion, product, distribution, brand and business models. Marketing economics is applicable to operating a business or modeling the behavior of businesses.International EconomicsInternational economics is the study of economic interactions between countries such as trade, protectionism and cooperation. This involves some specialized concepts such as comparative advantage that explains why all nations arguably benefit from free trade whereby producing all goods for yourself is far more inefficient that focusing on areas where you have the lowest opportunity cost.Behavioral EconomicsTraditionally, economics is based on the assumption that economic actors such as consumers are rational and act in their own best interests. Behavioral economics challenges this assumption with models of real world economic behavior. This centers around the idea of bounded rationality that consumers are basically rational but have limited time, interest, information and resources such that they take shortcuts in making decisions.Economic ChangeBroad overarching trends in the economy such as structural and behavioral changes. Economic change includes shifting customer needs, business models and production methods driven by technological, social and cultural factors. For example, the large scale shift from products to services as the dominant form of economic production.Economic IssuesInstability and performance issues in an economy that cause pain for society such as recessions, unemployment and inflation. Economic issues can also include issues of fairness and resilience. For example, issues of environmental justice whereby an industry doesn't pay for the negative impacts it generates for people and planet.Next read: Economic Factors
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A list of economic conditions.
A list of economic theories that are particularly useful for business.
A guide to finance.
The common types of goods.
An overview of the topics covered by international economics.
A few articles about investing.
The definition of macroeconomics with examples.
The definition of business economics with examples.
A reasonably comprehensive guide to marketing economics.
A list of price economics principles and theories.
A list of food economics principles.
A list of sustainable economies principles, theories and models.
The common types of economic development.
A list of common economic outcomes.
An overview of labor economics with examples.
The definition of microeconomics with examples.
A few common economics terms explained.
A list of efficiency measurements.
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