Economics concerned with the production, distribution, trade, and consumption of goods and services both individually and collectively. Two major types of economics are microeconomics and macroeconomics. Basic Economics is a handy app and nice app students who study Economics. This app contain essential information about Economics. It will work as pocket reference and help you to quick look the terms and definitions any time you want.

Topics included in this app:

# What Is Economics ?
# Microeconomics Versus Macroeconomics
# Economics as the "Dismal Science?"
# Positive Versus Normative Analysis in Economics
# Opportunity Cost as True Economic Cost
# The Assumptions of Economic Rationality
# Correlation Versus Causation
# Production Possibility Frontier, Growth, Opportunity Cost and Trade
# Supply and Demand
# Elasticity
# Economics Basics: Utility
# Monopolies, Oligopolies and Perfect Competition
# Glossary of Economic Terms and Concepts

More about Microeconomics and Macroeconomics:

Basics of Microeconomics: Microeconomics focuses on the behavior of individual consumers and producers. Added terms and definitions of Microeconomics in this area.
Basics of Macroeconomics: Macroeconomics examine overall economies on a regional, national, or international scale. Added terms and definitions of Macroeconomics Added terms and definitions of

Introduction

Basic Economics is an educational simulation game that teaches players the fundamental principles of economics through interactive gameplay. Developed by Nobel laureate Paul Krugman and Robin Wells, the game aims to demystify complex economic concepts and make them accessible to a wider audience.

Gameplay

Players take on the role of the Minister of Finance in a virtual country called "Econland." Their objective is to manage the country's economy by making decisions that affect production, consumption, investment, and government spending. The game presents players with various scenarios that challenge their understanding of economic principles.

Economic Concepts

Basic Economics covers a wide range of economic concepts, including:

* Supply and demand: Players learn how market forces determine the prices and quantities of goods and services.

* Gross domestic product (GDP): Players track the country's economic growth and manage factors that influence GDP.

* Inflation: Players control the money supply and learn the consequences of inflation and deflation.

* Fiscal policy: Players set tax rates and government spending to influence economic activity.

* Monetary policy: Players manage interest rates and money creation to stabilize the economy.

* Trade: Players engage in international trade to optimize economic outcomes.

* Economic growth: Players explore factors that contribute to economic expansion and sustainable development.

Learning Objectives

Through gameplay, players develop a deeper understanding of:

* How markets work

* The role of government in the economy

* The relationship between economic variables

* The challenges of economic decision-making

* The impact of economic policies on individuals and society

Features

* Interactive gameplay: Players actively participate in the simulation, making real-time decisions.

* Real-time feedback: The game provides immediate feedback on the consequences of players' choices.

* Progressive difficulty: The game starts with simple scenarios and gradually introduces more complex challenges.

* Expert commentary: Nobel laureate Paul Krugman offers insights and explanations throughout the game.

* Multiplayer mode: Players can compete or collaborate with others online.

Conclusion

Basic Economics is a valuable tool for anyone interested in learning about the principles of economics. Through its engaging gameplay and accessible explanations, the game makes complex concepts understandable and relevant to everyday life. Whether you are a student, a professional, or simply curious about economics, Basic Economics provides a unique and enjoyable way to enhance your economic literacy.