Below is an in-progress glossary of economics concepts.
FYI, research in cognitive psychology shows reflection and practice helps learning, so many include questions to make you pause and apply your newly created knowledge. Solve them to know that you know and to know that you don’t know (the fancy term for this is metacognition).
If you are wondering why I do this and/or what’s in it for me… I am passionate about economics: I love thinking about econ, I love seeing econ everywhere, and I love teaching econ. So, writing these concepts gives me utility (this is economics terminology to say it makes me happy). This is also me being an externality, the positive kind that is.
What Are Elasticities & Why Do Economists Use Them?
The Midpoint Method
Elastic or Inelastic? [What do the Terms Mean?]
Income Elasticity of Demand [Normal or Inferior, How Can We Tell?]
What Are Externalities?
Positive Externalities versus Negative Externalities (coming soon!)
The Deadweight Loss of Positive Externalities (coming soon!)
The Deadweight Loss of Negative Externalities (coming soon!)
Calculating & Graphing Total Revenue