Search results
Results from the WOW.Com Content Network
[12] [13] Economics in One Lesson was an important work for the development of neoliberalism in America. [14] Friedrich Hayek praised the work, referring to it as "a brilliant performance...I know of no other modern book from which the intelligent layman can learn so much about the basic truths of economics in so short a time." [15]
The Basic Economics Test or BET is a standardized test of economics nationally norm-referenced in the United States for use in the upper-grade levels of elementary schools. It is one of four grade-level specific standardized economics tests (i.e., Test of Economic Knowledge (TEK), Test of Economic Literacy (TEL) and Test of Understanding in College Economics (TUCE)) sponsored and published by ...
Equity premium puzzle: The equity premium puzzle is thought to be one of the most important outstanding questions in neoclassical economics. [6] It is founded on the basis that over the last one hundred years or so the average real return to stocks in the US has been substantially higher than that of bonds.
The earlier term for the discipline was "political economy", but since the late 19th century, it has commonly been called "economics". [22] The term is ultimately derived from Ancient Greek οἰκονομία (oikonomia) which is a term for the "way (nomos) to run a household (oikos)", or in other words the know-how of an οἰκονομικός (oikonomikos), or "household or homestead manager".
Basic Economics is a non-fiction book by American economist Thomas Sowell published by Basic Books in 2000. The original subtitle was A Citizen's Guide to the Economy , but from the third edition in 2007 on it was subtitled A Common Sense Guide to the Economy .
There are several basic questions that must be answered in order for an economy to run satisfactorily. The scarcity problem, for example, requires answers to basic questions, such as what to produce, how to produce it and who gets what is produced. An economic system is a way of answering these basic questions and different economic systems ...
The graph depicts an increase (that is, right-shift) in demand from D 1 to D 2 along with the consequent increase in price and quantity required to reach a new equilibrium point on the supply curve (S). A common and specific example is the supply-and-demand graph shown at right.
Economics classes make extensive use of supply and demand graphs like this one to teach about markets. In this graph, S and D refer to supply and demand and P and Q refer to the price and quantity. The following outline is provided as an overview of and topical guide to economics: