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Economics
University
Introduction to the Bachelor's Degree in Economics. Source: Wikipedia (CC BY-SA 4.0).
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What you need to know
Read the full theory →Fundamental concepts and historical evolution of economics
- Economics: the study of production, distribution, trade, and consumption
- Economic science: the systematic study of these processes
- Specific definition: allocation of scarce resources for needs
- Economic phases: production, distribution, and consumption
- Sumeria: economy based on commodity money
- Babylonia: first legal systems for debt, contracts, and private property
- Shekel: first unit of weight and currency (Mesopotamia, 3000 BC)
- Ancient Greece: economy driven by scarcity and social relations
- Ancient China: laws to protect businesses from bureaucracy
- Middle Ages: subsistence economy and the emergence of venture capital
- Global economy: initiated by the voyages of Marco Polo, Columbus, and Vasco da Gama
- 1513: founding of the first stock exchange in Antwerp
- Mercantilism: an approach to mediate between private wealth and public interest
- Amschel Mayer Rothschild: financing of national projects (wars and infrastructure)
- National economy: the focus on the economic activities of the state
Historical evolution of the economy and sectors of activity
- Adam Smith: Defined national economy through supply, demand, and division of labor
- Self-interest hypothesis: The anthropological basis of free trade according to Smith
- Thomas Malthus: Applied supply and demand to overpopulation
- Industrial Revolution: 18th-19th centuries, mass production, and the end of mercantilism
- Neoliberalism: Proposed by Hayek and Friedman (global free trade)
- Keynesianism: Proposed by Keynes (state intervention in aggregate demand)
- Mass consumption economy: Emerged in the late 1950s
- Post-industrial society: Predominance of the service sector over industry
- Information economy: Driven by the Internet following the 2000–2001 period
- Three-sector hypothesis: The greater the development, the greater the weight of the tertiary sector
- Differentiation: Economic activity is distinct from the economic act
Basic concepts, objectives, and branches of economics
- Profit: positive difference between income and expenses
- Loss: when expenses exceed income
- Good: an object with value that satisfies a need
- Service: a provision that satisfies a need without producing an object
- Cost of living: minimum expense for basic goods and services
- CPI: index calculated from the cost of living
- Inflation: the rise in the prices of goods
- Investment: money allocated to start or improve a business to obtain a profit
- Speculation: quick profit based solely on the price of goods
- Market: an institution of interaction between producers and consumers
- Productivity: the ratio between output and the inputs used
- GDP: the total value of goods and services produced in a territory in one year
- GDP per capita: GDP divided by the number of inhabitants
- GNP: total value of production minus the depreciation of equipment
- Economic stability: avoiding inflation or deflation
- Full employment: the total use of scarce resources (labor)
- Economic growth: increase in production measured by real GDP
- Economic equity: the convenient distribution of resources according to criteria of justice
- Economic efficiency: achieving better results with scarce resources without increasing costs
- Economic freedom: consumer spending autonomy and worker job mobility
- Economic security: protection against social risks
- Income distribution: distribution based on initiative, effort, and skill
- Branches of economics: Microeconomics and Macroeconomics
- Analysis tools: Econometrics, Statistics, Game Theory, and Data Science
Flashcard preview (6 of 15)
- 01
Etymology of economics: what do the Greek terms οίκος (oikos) and νoμή (nomḗ) mean?
House and allotment, distribution, management.
- 02
In a specific sense, what two elements define economics?
Organization and allocation of the use of scarce resources.
- 03
What are the three phases that encompass economic activities?
Production, distribution, and consumption.
- 04
What economic system did the Babylonians and their neighboring city-states develop?
The first system based on rules/laws regarding debt, legal contracts, and private property.
- 05
In 1513, in which city was the first stock exchange founded?
Antwerp.
- 06
According to Adam Smith, what is the basic motive for free trade?
Human self-interest.
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