Basic Economics

Economics concerned with the production, distribution, trade, and consumption of goods and services both individually and collectively. Two major types of economics are microeconomics and macroeconomics. Basic Economics is a handy app and nice app students who study Economics. This app contain essential information about Economics. It will work as pocket reference and help you to quick look the terms and definitions any time you want.

Topics included in this app:

# What Is Economics ?
# Microeconomics Versus Macroeconomics
# Economics as the "Dismal Science?"
# Positive Versus Normative Analysis in Economics
# Opportunity Cost as True Economic Cost
# The Assumptions of Economic Rationality
# Correlation Versus Causation
# Production Possibility Frontier, Growth, Opportunity Cost and Trade
# Supply and Demand
# Elasticity
# Economics Basics: Utility
# Monopolies, Oligopolies and Perfect Competition
# Glossary of Economic Terms and Concepts

More about Microeconomics and Macroeconomics:

Basics of Microeconomics: Microeconomics focuses on the behavior of individual consumers and producers. Added terms and definitions of Microeconomics in this area.
Basics of Macroeconomics: Macroeconomics examine overall economies on a regional, national, or international scale. Added terms and definitions of Macroeconomics Added terms and definitions of

Introduction

Basic Economics is a game that simulates the fundamental principles of economics within a virtual world. Players assume the role of entrepreneurs, making decisions that impact their businesses and the overall economy. The game provides a hands-on experience that demonstrates how economic concepts, such as supply and demand, inflation, and government intervention, shape economic outcomes.

Gameplay

Players begin by establishing a business in one of several industries, including agriculture, manufacturing, and services. They then produce goods and services, set prices, and market their products to consumers. Players must balance their production costs with consumer demand to maximize profits.

As players progress, they can invest in research and development to improve their products and gain a competitive advantage. They can also form alliances with other players to pool resources and share market information.

Economic Concepts

Basic Economics incorporates a range of economic concepts, including:

* Supply and Demand: Players must adjust their production levels based on market demand to avoid oversupply or shortages.

* Inflation: The game simulates inflation, which occurs when the overall price level in the economy rises. Players must adjust their prices accordingly to maintain profitability.

* Government Intervention: Players can interact with a virtual government that can implement policies such as taxation, subsidies, and price controls.

* Market Equilibrium: The game demonstrates how market forces eventually lead to an equilibrium price and quantity for each good or service.

Learning Objectives

Basic Economics is designed to teach players about the following economic principles:

* The role of incentives and self-interest in economic decision-making

* The importance of supply and demand in determining market prices

* The impact of inflation on businesses and consumers

* The role of government in regulating the economy

* The principles of market equilibrium

Benefits

Playing Basic Economics offers several benefits, including:

* Enhanced Economic Understanding: The game provides a practical way to grasp complex economic concepts.

* Critical Thinking Development: Players must analyze market conditions and make informed decisions to succeed.

* Problem-Solving Skills: The game challenges players to solve economic problems, such as managing inventory and responding to market fluctuations.

* Collaboration and Communication: Players can form alliances and communicate with each other to share information and coordinate strategies.

Conclusion

Basic Economics is an engaging and educational game that effectively simulates the principles of economics. By assuming the role of entrepreneurs, players gain hands-on experience with economic concepts and develop critical thinking, problem-solving, and collaboration skills. The game is a valuable tool for anyone interested in understanding the fundamental workings of the economy.