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Last Updated on Oct 7, 2020
By Kenneth James

As a money transfer expert at Transferly, Kenneth strives to help people navigate the world of money transfer companies and bad exchange rates. He’s seen everything this industry has to offer, and he is more than happy to share that knowledge with our readers.

Economics Resources for At-Home Learning

Economics resources for at home learningThe Internet makes it easy to learn about just about anything from anywhere, including economics. With all of the economics resources available for at-home learning, you can become an expert on macroeconomics and microeconomics. The world will feel a lot smaller once your role in the global economic system becomes clear. At the very least, you’ll be able to better manage your personal finances once you better understand some of the principles involved.

Economic Concepts

Economic terms and concepts are the building blocks of being able to talk about and understand economics. Economics is the balance between aggregate supply and aggregate demand. It’s the science of how the spending and saving patterns of firms and individuals affect the economy as a whole.

Macroeconomics

Macroeconomics is economics on a national scale. It’s about maximizing productivity and spending while promoting the overall economic health of an entire nation.

Microeconomics

Microeconomics is one step down from macroeconomics: It’s economics on a small scale. Many experts suggest that it’s not possible to completely understand macroeconomics without studying microeconomics.

  • The Definition of Microeconomics: Microeconomics is the analysis of how individual economic players make spending and saving decisions.
  • How Monopsonies and Monopolies Affect the Labor Market: A monopoly is when one firm is the sole producer of a certain good, while a monopsony is when one firm is the sole purchaser of a single good. Both scenarios affect employment and consumer behavior.
  • Game Theory: Game theory is a way of modeling decision-making behavior, assuming that players are searching for the optimal outcome.
  • The Law of Demand: According to the law of demand, there’s an inverse relationship between prices and quantities.
  • Market Equilibrium: This is a state in which the demand and supply are equal.
  • Pareto Efficiency: Pareto Efficiency is when all resources are allocated at maximum efficiency and any changes to the equilibrium would harm someone.
  • Price Theory: Price theory is about how economic actors respond to price changes.

Global Economics

The global economic system is a macrocosm of individual countries’ economies. Countries with the economic power to raise tariffs and encourage domestic production are at an advantage compared to countries that are unable to provide for their domestic needs and must import even the most basic items.

Personal Finance

It’s important to know how much money you have and how you should spend it. Life without financial planning is unstable and precarious. Technology has enabled us to move money faster than ever before. That makes it even more important to keep a close eye on your money by making a monthly budget to plan for emergencies and save up for your goals.