A free, self-paced textbook in 7 chapters. Read a chapter, then drill it with the 53 companion flashcards using spaced repetition.
Economics is the study of how individuals, businesses, governments, and societies allocate scarce resources to satisfy unlimited wants. At its core lies the fundamental problem of...
The heart of microeconomic analysis is the interaction of supply and demand. The law of demand states that, holding everything else constant, as the price of a good rises the quant...
Elasticity measures how strongly one economic variable responds to another, allowing analysts to translate percentage changes into meaningful predictions. Price elasticity of deman...
Economists classify markets by the number of firms, the degree of product differentiation, and the ease with which new firms can enter. At one extreme, perfect competition features...
Macroeconomics tracks the overall health of an economy using several key indicators. Gross Domestic Product measures the total market value of all final goods and services produced...
Governments and central banks use policy tools to stabilize the economy and pursue goals such as full employment and stable prices. Fiscal policy works through government spending...
International trade is guided by the principle of comparative advantage: a country benefits by specializing in goods it can produce at a lower opportunity cost than its trading par...