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Economics Presented by Abigail Atiwag Economics is a social science that studies how individuals businesses governments and societies allocate scarce resources to meet unlimited wants and needs It encompasses various theories principles models and analyses to understand economic behavior decision making and outcomes in different economic systems Here are key aspects and topics related to economics Microeconomics Microeconomics focuses on individual economic units such as households firms markets and industries Key topics include supply and demand price determination consumer behavior production and cost analysis market structures perfect competition monopoly oligopoly monopolistic competition factors of production land labor capital and resource allocation Macroeconomics Macroeconomics studies aggregate economic phenomena at the national and global levels It covers topics such as gross domestic product GDP economic growth inflation unemployment fiscal policy monetary policy money and banking international trade exchange rates economic indicators business cycles and macroeconomic models Keynesian economics classical economics monetarism Economic Systems Analyze different economic systems including market economies command economies mixed economies traditional economies and their characteristics advantages and disadvantages in terms of resource allocation efficiency equity innovation entrepreneurship and government intervention Economic Theories and Schools of Thought Explore major economic theories and schools of thought such as classical economics Adam Smith David Ricardo neoclassical economics Keynesian economics John Maynard Keynes monetarism Milton Friedman supply side economics Austrian economics Marxist economics institutional economics behavioral economics and ecological economics Economic Models and Analysis Use economic models equations graphs and statistical tools to analyze economic phenomena forecast economic trends conduct economic impact assessments evaluate policy implications and make informed economic decisions Examples include production possibilities frontier PPF supply and demand curves cost curves elasticity and multiplier effects Market Structures and Competition Examine different market structures and their characteristics including perfect competition monopoly monopolistic competition oligopoly barriers to entry price discrimination product differentiation market power market failures antitrust policies and regulatory frameworks Labor Economics Study labor markets wage determination employment trends labor supply and demand human capital theory labor unions collective bargaining minimum wage policies unemployment types frictional structural cyclical labor mobility income inequality and policies to promote job creation and workforce development International Economics Analyze international trade comparative advantage trade barriers tariffs quotas trade agreements e g WTO NAFTA EU balance of payments exchange rates foreign exchange markets trade policies trade deficits trade liberalization protectionism global supply chains and international economic relations Development Economics Focus on economic development growth theories development indicators poverty reduction strategies income distribution human development industrialization technological progress infrastructure development sustainable development goals SDGs foreign aid and global development challenges Public Economics Study government intervention in the economy public goods market failures externalities public finance taxation income tax corporate tax consumption tax government spending public goods provision social welfare programs defense spending fiscal policy budget deficits public debt and intergovernmental fiscal relations Monetary Economics Explore monetary policy central banking money supply interest rates inflation targeting money demand monetary aggregates M0 M1 M2 M3 open market operations reserve requirements discount rates quantitative easing financial markets and the role of central banks in stabilizing the economy Behavioral Economics Integrate insights from psychology sociology and cognitive science into economic analysis Study behavioral biases heuristics decision making under uncertainty prospect theory loss aversion framing effects anchoring irrational behavior nudges and behavioral interventions in economic policy and regulation Environmental Economics Address environmental issues from an economic perspective including pollution climate change natural resource depletion sustainability market based environmental policies carbon pricing cap and trade systems environmental regulations green technologies renewable energy investments and cost benefit analysis of environmental projects Health Economics Apply economic principles to healthcare systems healthcare financing health insurance healthcare delivery cost effectiveness analysis healthcare reforms pharmaceutical markets healthcare quality access to healthcare services healthcare expenditure and the role of government in healthcare provision Economic Growth and Innovation Examine factors that drive economic growth innovation technological progress research and development R D intellectual property rights innovation ecosystems entrepreneurship start up culture innovation policies knowledge based economies and the role of innovation in productivity gains and competitiveness Economics plays a crucial role in understanding economic phenomena informing policy decisions shaping business strategies promoting economic stability and prosperity and addressing societal challenges related to inequality sustainability globalization technological change and economic development THANK YOU

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SLU ECON 190 - Economics: Exploring Principles and Applications

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