What You Need To Know About...
...Economics
1. The Basics
2. The People
9. Books
10. Useful Links
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News: Current Fed Interest Rate: 3.75%
1.1 What is Economics and why do I care?
Put simply Economics is a social science that considers how limited resources are allocated to cover unlimited wants. Usually that takes the form of discussion about money and production but it really goes a long way beyond that. Understanding economics can help you to better understand how to allocate your own resources, financial or otherwise, as well as to better anticipate market trends.
1.2 What is Inflation?
Simply put inflation is an increase in prices. It can be triggered by a number of things, though increased cost of production or increased cost of sales are two common explanations. Put simply: if the local burger place has to pay the guy who makes the french fries a higher salary then the cost of french fries to the general public will go up. It's possible that the cost increase will be offset by the higher salaries, but that isn't always the case and if the costs rise too high that has a tendency to devalue the currency.
The People
2.1 Five Economists You Need To Know About
2.1.1 Adam Smith
Widely considered the father of modern economics. Author of "An Inquiry into the Causes and Nature of The Wealth of Nations"
2.1.2 John Maynard Keynes
2.1.3 Karl Marx
2.1.4 Milton Friedman
2.1.5 Paul Samuelson
Books
9.1
Economics for Dummies
9.2
Basic Economics: A Citizens Guide to the Economy, Revised and Expanded
9.3
Economics - by Paul Samuelson
Useful Links
10.1 Wikipedia
- Economics
10.11
Wikiversity - School of Economics
10.2 Library of Economics and Liberty
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