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BANK PANIC: Economy-wide concern over the stability of the banking system prompted by the failure of a few banks, which then contributes to the failure of many more banks, which contributes to the failure of even more banks, in a snowballing effect.

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Lesson 2: Economic Science | Unit 2: Theory Page: 7 of 20

Topic: Economic Theories <=PAGE BACK | PAGE NEXT=>

Three common economic theories:
  • Markets theory: It helps us understand how and why prices change, shortages and surpluses occur, and markets are monopolized.
  • Aggregate Markets theory: It uses principles and concepts developed in the theory of markets, but adapts them to the study macroeconomic things like inflation, unemployment, national production, and business cycles.
  • Keynesian theory: Named after it's creator John Maynard Keynes, it was developed to explain high rates of unemployment and other economic conditions that existed during the Great Depression of the 1930s.

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GAINS FROM TRADE

The combination of consumer surplus and producer surplus obtained by buyers and sellers when engaging in a market exchange. Gains from trade arise because buyers are typically willing and able to pay a higher price to purchase a good than what they end up paying and because sellers are typically willing and able to accept a lower price to sell a good than what they end up receiving. Both sides of the market exchange are thus better off, have a net gain in welfare, by making the trade. While all types of market exchanges generate gains from trade, this topic is perhaps most important for an understanding of international trade.

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Today, you are likely to spend a great deal of time lost in your local discount super center trying to buy either a solid oak entertainment center or a remote controlled ceiling fan. Be on the lookout for fairy dust that tastes like salt.
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John Maynard Keynes was born the same year Karl Marx died.
"Lord, where we are wrong, make us willing to change; where we are right, make us easy to live with. "

-- Peter Marshall, US Senate chaplain

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