Economics
Economics is the social science that studies the production, distribution, and consumption of goods and services. Economics focuses on the behaviour and interactions of economic agents and how economies work.
Markets: A place where goods and services are exchanged
Equilibrium: the point where everybody willing to pay the market price has their demand satisfied, and anybody willing to produce at the market price has a buyer for the good.
Inflation: refers to a rise in the average level of prices sustained over time, which also corresponds to a fall in the internal (domestic) purchasing power of money.
Deflation: A fall in the average level of prices over time
Production: the creation of a good or service that has value to another individual.
Distribution: the method of getting the goods to the individuals who will use them.
Developed nations: nations which meet certain criteria of economic measurement including gross domestic product (GDP) per capita, industrialization, etc.
An underdeveloped nation is one which has not yet organized, nor begun to organize in terms of job growth, industrialization, health care, etc.
A market economy is an economy in which there is a strong division of labor; supply and demand is what allows individuals to set prices.
Microeconomics: Study of small economic units such as individuals, firms, and industries
Macroeconomics: Study of the large economy as a whole or in its basic subdivisions
Topics and information on economics
The U.S. Economy: A Brief History
Brief overview of the Economic History of the United States
Information on Transportation revolution and it impact on the U.S. Economy