Learn to think like an economist with this lesson on Adam Smith’s trade principle of absolute advantage and David Ricardo’s principle of comparative advantage.

In this lesson, explore the meaning of a healthy economy by looking at stable prices and learning how to measure them using a consumer price index.

What is a kinked demand curve model? Considering businesses in an oligopoly industry, review an example of what happens when competing product prices change.

In this economics lesson, review profit maximization in the case of a firm facing monopolistic competition, and consider the potential for above-normal profits.

If you understand monopoly profit maximization, why not consider it graphically? Interpret graphs to figure out what a firm does in order to maximize profits.

Learn how firms behave differently in the long run, why above-normal profits are not sustainable, and what happens when other firms enter in pure competition.

To consider how an economy works, start with a thought experiment: thirty people on a deserted island. Then try applying the circular flow model in economics!

Whether considering economies on a large or small scale, cost (whether implicit or explicit) is a fundamental consideration to understanding economic dynamics.

Where do accounting principles and economics coincide? In this econ lesson! Learn about the differences between economic and accounting profit calculations.

Looking to the United States as an example, learn about trends in income distribution and income inequality, and learn to interpret a pie chart.