Economics Concepts and Theories

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Microeconomics

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The study of individual people, businesses, and industries in the economy. It looks at decisions made by consumers and producers and how they interact.

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Macroeconomics

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The study of the economy as a whole, including national issues like inflation, unemployment, and economic growth.

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John Maynard Keynes

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An influential economist who believed that government spending could help stabilize the economy during downturns and prevent depressions.

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Wants

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Things people desire but don't need for survival, such as a new phone or vacation.

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Needs

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Essential things people must have for survival, like food, water, and shelter.

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Goods

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Physical items that satisfy people’s wants or needs, like cars, clothes, or food.

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Services

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Activities that satisfy people’s wants or needs, like teaching, healthcare, or entertainment.

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Supply

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The amount of a good or service that producers are willing and able to sell at different prices.

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Demand

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The amount of a good or service that consumers are willing and able to buy at different prices.

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Producers

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People or businesses that create goods or provide services.