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… 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.
Absolute & Comparative Advantage
Understanding Absolute & Comparative Advantage (Video)
Identifying Absolute & Comparative Advantage (Numerical Example) (Video)
Gains from Specialization & Trade(Numerical Example) (Video)
Gains from Specialization & Trade: Illustration with Production Possibilities Frontiers (Video)
Comparative Advantage [see Absolute Advantage above]
Demand (& Supply)
Changes in Quantity Demanded vs Changes in Demand (Applies to Supply Too!)
Tips for Analyzing Supply & Demand Shifts
Simultaneous Shift of Demand and Supply: An Application to Hurricane Harvey (Video)
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!)
Monopoly: Graphical Analysis (includes Deadweight Loss) (PDF) [also see Competition: Primer on Different Forms of Competition in “C” above]
Production Possibilities Frontier
Production Possibilities Frontier: Interpreting & Graphing (Video)
Production Possibilities Frontier: Comparative Advantage & Gains from Trade (Video)