Markets, Choice, and Constraints

Choice and Constraints

• Market Economy
  • Surplus Spending Unit
• Consumer Goods
  • Public, Private, Club, Common Goods
  • Excludable and Rivalrous Goods
• Consumption
  • Lifecycle Model of Consumption
  • Autonomous Consumption
  • Permanent Income Hypothesis
  • Income Effect
  • Lipstick Effect
  • Engel's Law
  • Consumerism
  • Paradox of Thrift
  • Ricardo Barro Effect
  • Consumer Confidence Index
    • The Wealth Effect
• Scarce Resources
  • Scarcity Principle
  • Radner Equilibrium
  • Queuing Theory
• Market Equilibrium
  • Equilibrium (Economics)
    • Rational of Choice Theory
    • Recursive Equilibrium
    • Game Theory
      • Traveler's Dilemma
      • Prisoner's Dilemma
      • Iterated Prisoner's Dilemma
      • Nash Equilibrium
      • Diner's Dilemma
      • Trembling Hand Perfect Equilibrium
      • Gambler's Fallacy
      • Arrows Impossibility Theorem
      • Backward Induction
    • Paradox of Rationality
    • Rational Expectations Theory
    • Shapley Value
    • Mechanism Design Theory
  • Input-Output Model
  • Perfect Competition
    • Bidding War
  • Imperfect Competition
  • Market Efficiency
  • Market Inefficiency
  • Pareto Efficiency
  • Market Failure 
  • Search Theory
• Benefits
  • Self Interest
    • Cost-Benefit Analysis
    • Enlightened Self-Interest
    • Fisher's Separation Theorem
    • Ratchet Effect
  • Total Utility (Economics)
    • Marginal utility
    • Efficiency Principle
    • Diminishing Marginal Utility
    • Expected Utility
    • Subjective Theory of Value
    • Positional Goods
  • Consumer Surplus
  • Utilitarianism
  • Indifference Curve
  • Time Preference Theory of Interest
  • Incentives
  • Marginal Benefit
• Economic Efficiency
  • Efficiency Theory
  • Productive Efficiency
  • Allocative Efficiency
  • Pareto Efficient
• Effect
  • Externality
    • Network Externality
    • Pigovian Tax
    • Coase Theorem
    • Agglomeration Diseconomies
  • Free Rider
  • Social Loafing
• Invisible Hand

Production and Costs

• Costs
  • Fixed Cost vs Variable Cost
  • Actual vs Implicit Costs
  • Marginal Cost
  • Incremental Cost
  • Average Total Cost
  • Opportunity Cost
    • Opportunity Set
  • Sunk Costs
  • Cost Curves
  • True Cost Economics
  • Absolute Advantage
• Revenue
  • Marginal Revenue
  • Value of Marginal Product
• Profit
  • Accounting Profit
  • Economic Profit
  • Normal Profit
• Production
  • Production Function
    • Aggregate Production Function
  • Inputs - Factors of Production
    • Capital (Factor of Production)
    • Labor (Factor of Production)
      • Labor Theory of Value
    • Land
    • Entrepreneurship
  • Production Possibilities Frontier
  • Capacity Utilization Rate
  • Value of Marginal Product
  • Diminishing Marginal Productivity
  • Comparative Advantage
• Law of Diminishing Marginal Returns
• Marginal Analysis
• Short Run
• Long-Run Average Cost (LRAC)
• Long-Run Average Supply (LRAS)
• Economies of Scope
• Economies of Scale
  • Diseconomies of Scale
  • Minimum Efficient Scale
• Tournament Theory
• Marginal Revenue Product 
• Derived Demand
• Marginal Input Cost  
• Economic Rent
• Productivity and Learning Curve
• Experience Curve
• Acceleration Principle

Supply and Demand

• Law of Supply and Demand
• Supply Curve
  • Increasing, Constant, and Decreasing Returns to Scale
• Supply Schedule
• Demand Theory
• Demand Schedule
  • Pent Up Demand
• Demand Curve
• Supply Demand Analysis
  • Hubbert's Peak Theory
• Equilibrium
  • Equilibrium Price
  • Equilibrium Quantity
  • Competitive Equilibrium
  • Walras' Law
  • Recursive Equilibrium
  • Scarcity Principle
• Disequilibrium
• Excess Supply
• Excess Demand
• Law of Supply and Demand

Supply and Demand of Goods

• Ceteris Paribus
• Surplus and Shortage
• Theory of Price
  • Price Sensitivity
  • Price Control - Ceilings and Floors
  • Microeconomic Pricing Model
• Dead Weight Loss
• Complements & Substitutes
  • Substitution Effect
• Normal Good and Inferior Goods
  • Giffen Good
  • Veblen Good
• Consumer and Producer Surplus
• Economic Surplus
• Social Surplus
• Total Surplus
  

Supply and Demand Elasticity

• Elasticity
  • Inelastic Goods
  • Perfect Elasticity and Inelasticity
  • Unitary Elasticity
• Elasticity of Demand
  • Price Stickiness
• Elasticity of Supply
• Price Elasticity of Supply and Demand
  • Tax Incidence
• Cross Elasticity of Demand
  • Cross-Price Elasticity of Demand
• Elasticity of Savings
• Income Elasticity of Demand

Aggregate Supply and Demand

• Aggregate demand and curve (and shifts)
  • Potential GDP
• Aggregate supply and curve (and shifts)
  • Stagflation
• Long-Run and Short-Run Aggregate Supply Curve

Economic Perspectives

• Neoclassical Economics
  • Say's Law
  • Neoclassical Analysis
  • Supply Side Theory
    • Laffer Curve
• Keynesian Economics
  • Keynes' Law
  • Keynesian Analysis
  • Demand Side Theory
  • Market Forces
• Aggregate Demand / Aggregate Supply Models
  • Neoclassical Zone
  • Intermediate Zone
  • Keynesian Zone
• The Phillips Curve

National Economy

Measuring

• Economic Conditions
  • Leading Economic Indicators
  • KOF Economic Barometer
  • CEO Confidence Survey
  • NAB Business Confidence Index
• Gross Domestic Product (GDP)
  • Nominal GDP
  • Per Capita GDP
  • Expenditure Method
• Gross National Product
  • Factor Income
  • Gross National Income
• Durable and Non-Durable Goods
  • Weightless Economy
• Intermediate and Final Goods or Services
• Double Counting

• Real Values
  • Nominal Value
  • Inflation
  • Depreciation of Currency
  • Net National Product
• Tracking GDP
  • Economic Cycle or Business Cycle
    • Business Cycle Indicator
    • Peak and Trough
    • Recession and Depression
    • Hard Landing vs Soft Landing
    • Economic Bubble
  • Boom and Bust Cycle
    • Great Depression
    • Baby Boomer Age Wave Theory
  • Skyscrapper Effect (Economics)
  • V-Shaped Recovery
  • W-Shaped Recovery
  • U-Shaped Recovery
  • Kondratieff Wave Cycle
  • Contagion
• Growth
  • Real Economic Growth Rate
    • Fox-Trot Economy
  • Stagnation
  • Neoclassical Growth Theory
  • Exogenous Growth Theory
  • Endogenous Growth Theory
  • New Growth Theory - Explained
  • Classical Growth Theory - Explained
  • Real Economic Growth Rate - Explained
  • Plutonomy
• Elements
  • Porter's Diamond
  • Physical Capital
  • Human Capital
    • Capital Deepening
  • Infrastructure
  • Innovation and Invention
  • Rule of Law
  • Technology
  • Natural Resources
    • Staple Thesis
    • Resource Curse
• Growth Models
  • Solow Growth Model
    Compound Growth Rate
    Labor Productivity
  • Aggregate Production Function

Government

• Feedback Rule Policy
• American Customer Satisfaction Index
• CNN Effect
• Bureau of Economic Analysis
• Business Starts Index
• American Recover and Reinvestment Act
• Abenomics
• Emergency Economic Stabilization Act of 2008
• Commodity Credit Corporation
• Humphrey Hawkins Act

Fiscal Policy

• Fiscal Policy
  • Expansionary vs Contractionary Fiscal Policy
  • Stabilization Policy
    • Robin Hood Effect
    • Ricardo Barro Effect
  • Taxes
    • Progressive vs Regressive Tax
    • Marginal Tax Rates
    • Proportional Tax
    • Trickle Down Theory
  • Discretionary Fiscal Policy
    • Automatic Stabilizers
    • Effects of Discretionary Policy (Interest Rates & Lags)
      • Implementation Lag
      • legislative lag
      • Recognition Lag
      • Crowding Out Effect 
  • Government Spending
    • Autonomous Spending
    • Autonomous Consumption
  • Government Borrowing
    • Golden Rule
    • Ricardian Equivalence
  • Balanced Budget - Deficit and Surplus
    • National Debt
    • Standardized Employment Budget
    • Deficit Hawk
    • Austerity
  • Twin Deficits

Labor and Economics

• Labor Economics
• Labor Market Equilibrium
• Labor Market Efficiency
• Productivity Economics
  • One-Third Rule
• National Average Wage Index
• Unemployment and Labor Force Participation Rate
  • Out of the Labor Force
  • Underemployed
  • Full Employment Equilibrium
  • Okun's Law
• Job Openings and Labor Turnover Survey
• Labor Surplus Area - Explained
• Lump of Labor Fallacy - Explained
• Labor Force Participation Rate - Explained
• Bureau of Labor Statistics 
• ADP National Employment Survey
• Labor Theory of Value - Explained
• Labor Productivity - Explained
• Wage Elasticity of Labor Supply
• Sticky Wage Theory (Economics)
• Types:
  • Structural Unemployment
  • Cyclical Unemployment
  • Frictional Unemployment

Money and Monetary Policy

• Function
  • Money
    • Coins and Currency in Circulation
    • Legal Tender
    • Numismatics
    • Gresham's Law
  • Barter
  • Double Coincidence of Wants
    • Parity
  • Medium of Exchange
  • Unit of Account
  • Store of Value
    • Time Value of Money
  • Standard of Deferred Payment
  • Liquidity Preference Theory
  • National Savings and Investment Identity
    • Circular Flow of Money
• Types
  • Commodity Money
    • Gold Exchange Standard
    • Bretton Woods System
  • Fiat Money
• Measurements
  • Money Supply
  • M1 and M2 Money Supply
  • Monetary Base
  • Savings, Demand, and Time Deposits
• Money Capital Market
  • Quantity Theory of Money
  • Aggregate Expenditure Model
  • IS-LM Model
  • European Capital Market Institute

• Financial Intermediary
• Central Bank
  • Reserve Currency
  • Federal Reserve System
    • Federal Open Market Committee (FOMC)
    • Fed Balance Sheet
    • Term Auction Facility
    • Taylor Rule
  • Money Multiplier Formula
  • Velocity of Money
  • Multiplier Effect
  • Quantity Equation of Money
  • McCallum Rule
  • Neutrality of Money
  • Real Bills Theory
• Monetary Policy
  • Contractionary and Expansionary Monetary Policy
  • Loose vs Tight Monetary Policy
  • Easy Monetary Policy 
  • Accommodative Monetary Policy
  • Dove & Hawk (Monetary Policy) - Explained
  • Tight Monetary Policy - Explained
  • Stabilization Policy
  • Pushing on a String
• Interest Rates
  • Discount Rate
  • Federal Funds Rate
  • Gibson Paradox
  • Vasicek Interest Rate Model
• Open Market Operations
• Quantitative Easing
• Inflation Targeting
• Countercyclical
• Lender of Last Resort
• Bank Regulation
  • CAMELS Rating
  • FDIC
  • CFPB

Inflation and National Economy

• Inflation
  • Core Inflation
  • Cost Push Inflation
  • Demand Pull Inflation
  • Wage Push Inflation
  • Hyperinflation (Economics)
  • Inflation Spiral (Wage-Price Spiral)
  • Agflation
• Deflation
  • Pigou Effect
  • Basket of Goods and Services
  • Base Year
  • Indexing and Index Number
    • Cost of Living Allowance
    • Adjustable Rate Mortgage
    • Fisher Effect
• Biflation
• Measurements
  • Quality / New Goods Bias
  • Substitution Bias
  • Consumer Price Index
  • Buying Power Index
  • Core Inflation Index
  • Breakfast Index
  • Employment Cost Index
  • GDP Deflator
  • International Price Index
  • Producer Price Index
  • Capital Goods Price Index
  • Farm (Agricultural) Price Index
  • Harmonized Index of Consumer Prices
  • Repeated Sales Method (Real Estate)

International Economics

• Comparing Economies
  • GDP Per Capita
  • Purchasing Power Parity (PPP)
    • Relative Purchasing Power Parity
    • Law of One Price
    • Burgernomics
    • Balassa-Samuelson Effect
  • Trade Balance: Surplus and Deficit
    • Mercantilism
    • J Curve
  • Economic Well Being - Standard of Living
    • High, Low, and Middle-Income Countries
      • Poverty Trap
    • Emerging Market Economy
    • BRIC Countries 
  • Economic Convergence
    • Growth Consensus
• International Trade
  • Trade Balance: Surplus and Deficit
    • Level of Trade
      • Gain from Trade
      • Intra-Industry Trade
      • National Trade Data Bank
    • Capital Account (Economics)
      • Current Account 
      • Debtor Nation
    • Merchandise Trade Balance
    • Export of Goods and Services and Percentage of GDP
      • Heckscher-Ohlin Model 
      • Linder Hypothesis
  • Flow of Capital
    • Financial Capital
    • Unilateral Transfer
    • National Savings and Investment Identity
  • Protectionism
    • Closed Economy
    • Tariffs 
      • Absolute Quotas
      • Double Column Tariff
      • Infant Industry Theory
      • National Interest Argument
      • Race to the Bottom
      • Anti-Dumping Laws
        • Dumping
      • Trade War
  • Trade Agreement and Economic Unions
    • Common Market
      • Common Market for Eastern and Southern Africa
      • Central American Common Market
      • Caribbean Community and Common Market
    • Free Trade Agreement
      • North American Free Trade Agreement
      • Central European Free Trade Agreement
    • Disruptive Market Change
• International Organizations
  • WTO
  • General Agreement on Free Tariff and Trade (GATT)
  • International Monetary Fund
  • World Economic Forum
  • Inter-American Development Bank
  • Davos World Economic Forum 
  • Chamber of Commerce
  • Jackson Hole Economic Symposium

Foreign Exchange

• International Capital Flow
  • Dollarize
  • Foreign Direct Investment
    • Greenfield Investment
    • Brownfield Investment
  • Portfolio Investment
  • Purchase Power Parity
    • Relative Purchasing Power Parity
      
    • Burgernomics
  • Tobin Tax
• Appreciating and Depreciating Currency
  • Weak Currency
• Exchange Rate
  • Fixed Exchange Rate and Floating Exchange Rate
  • Hard and Soft Peg
  • Equation of Exchange (Economics)
  • Real Effective Exchange Rate (REER)
  • Limited Flexibility Exchange Rate System
• Foreign Exchange Market
  • Foreign Exchange Contract
  • Arbitrage
  • Hedge
• Regulation
  • Capital Control
  • Exchange Stabilization Fund
  • Smithsonian Agreement

Organizations and Competition

Economics of Organization

• Theory of the Firm
  • Capital Formation
  • Rent Seeking
• Structure Conduct Performance Model
• Integration
  • Co-Insurance Effect
• Conglomerates
• Cost vs Profit Center
• Accelerator Theory

Market Equilibrium & Perfect Competition

• Perfect Competition
• Market Power
  • Price Takers
  • Price Makers (Pricing Power)
• X-Efficiency
• Captive Market
• Contestable Market Theory
• Herfindahl-Hirschman Index
• Concentration Ratio

Firm Competition and Market Structure

• Monopoly
  • Bilateral Monopoly
• Duopoly
• Oligopoly
• Oligopsony
• Cartel (Economics)

Market Regulation

Introduction

Introduction

• Management and Decision Making
• Approaches to Management Decision Making
• What is Design Thinking?
• Common Biases and Errors in Decision Making
• Structured Problem vs Unstructured Problem
• Programmed Decision and Unprogrammed Decisions
• Conditions for Management Decision Making
• Methods of Decision Making