Intro to Microeconomics & Macroeconomics

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!

Review profit maximization once again with a classic economic example: a monopoly. In this lesson learn why monopolies are different than competitive markets.

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.

Build on the foundations of economic theory in this lesson where economic cost calculations are reviewed. Discover seven different kinds of economic costs.