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Economics: Home

Why Study Economics

Economics although called the dismal science is a vibrant field that encompasses so much more than just money or finance. Economics is the science of studying markets but it also can be used to study many different variables and how they affect the world around them.  It could be prices affecting how many goods are produced, or perhaps the centralization of work opportunities on labor markets. This could even be something you might not think to pair with economics such as the effect of education on crime these are all economics.  Studying this field can give you an entirely new insight into the world and create a more successful you.

Extra Courses

These are some good supplemental tools to get some extra practice. 

Basic Economics

Supply and Demand

In this example we have a market for tacos. 

Note that as the price for tacos increase the demand goes down but the supply goes up!

Note that as the price for tacos goes down the inverse happens and everyone wants tacos!!

Unfortunately people are no longer interested in selling them.

These instances lead to the consumers and producers to meet at a price and quantity.

When this happens the market is in equilibrium and those who believe the price is worthwhile get tacos!!

Production possibilities Frontier

In this land our people only create food or shoes.

We see on our graph that the more of one product we have the less our workforce can create of the other.

Space to the left of the line may be reached if our workforce's production capabilities are used inefficiently.

Space to the right is unachievable at our current technological or overall production capabilities.

General Economics

Below links to definitions are all linked to investopedia.

Reference Librarian & Liaison to the Collat School of Business

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Kara Van Abel
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Mervyn H. Sterne Library
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Creator

This guide created by Zachary Grisham UAB intern from January-April 2018.

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