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September 19, 2018 

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WELFARE ECONOMICS: A branch of economics that studies efficiency and the overall well-being of society based on alternative allocations of scarce resources. Welfare economics extends the microeconomic analysis of indifference curves to society as a whole. It is concerned with broad efficiency questions and criteria (Pareto efficiency and Kaldor-Hicks efficiency) as well as more specific efficiency issues (market failures, externalities, public goods).

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Lesson Contents
Unit 1: Economics
  • Definition
  • More...
  • Unit 1 Summary
  • Unit 2: Doing Economics
  • Science and Policy
  • The Fields
  • Unit 2 Summary
  • Unit 3: The Economy
  • An Economy
  • A Mixed Economy: Markets and Government
  • A Mixed Economy: The Mix
  • Unit 3 Summary
  • Unit 4: Economic Goals
  • Economic Goals
  • Tradeoffs
  • Unit 4 Summary
  • Unit 5: Economic Policies
  • The Concept
  • Reasons
  • Problems
  • Unit 5 Summary
  • Course Home
    Economic Basics

    Being the very first lesson in this course, this provides an introduction and overview of economics. You'll come across a lot of basic concepts and terms. The full importance of these may not become apparent until later lessons, but they will be important. The five units making up this lesson set the stage for the further study of economics.

    • The first unit offers up a basic definition and provides two useful lists -- the three questions of allocation and the seven rules of economics.
    • The second unit then explores the practice of economics, including positive and normative economics, macroeconomics and microeconomics, and six common logical fallacies.
    • In the third unit, we turn our attention to the economy, especially how real world economies contain a mix of markets and governments.
    • We then examine the five basic goals of a mixed economy in the fourth unit, include the three macro goals of full employment, stability, and growth; and the two micro goals of efficiency and equity.
    • The fifth and final unit in this lesson considers assorted economic policies that governments use to achieve the five economic goals.

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    CHAIRMAN OF THE BOARD OF GOVERNORS, FEDERAL RESERVE SYSTEM

    The head of the Board of Governors of the Federal Reserve System, and thus the person who is effectively in charge of monetary policy for the United States. The Chairman, one of the 7 members of the Board of Governors, serves as Chairman for a 4-year term, and also is Chairman of the powerful Federal Open Market Committee--the Federal Reserve Committee that sets the course of monetary policy. Being positioned at the top of the central banking authority of the United States, the Chairman is one of the most powerful, if not THE most powerful, individuals in the economy.

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    APLS

    GRAY SKITTERY
    [What's This?]

    Today, you are likely to spend a great deal of time calling an endless list of 800 numbers looking to buy either a large, stuffed kitty cat or a cross-cut paper shredder. Be on the lookout for crowded shopping malls.
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    This isn't me! What am I?

    Before 1933, the U.S. dime was legal as payment only in transactions of $10 or less.
    "When you play, play hard; when you work, don't play at all. "

    -- Theodore Roosevelt, 26th US president

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