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ECONOMIC PERIODIC IDEAS give your projects a financial footing. Economics indicate where your ideas will thrive and where your efforts will pay off. Economic ideas let you navigate through turbulent markets and ride creative currents.
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A market is a system where parties can exchange goods or services. Sellers offer wares or services in exchange for money. |
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Currency is a medium of exchange or a system of money which can serve as legal tender. It is traded for its economic value. |
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Credit is the means which allows one party, the lender, to provide money or resources to another party, the debtor, for repayment later. |
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Diminishing returns is the decrease in the marginal output in production as the amount of a single factor of production is incrementally increased. |
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Trade is the action of buying and selling of goods and services for money or something of value. |
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The economic cycle is the periodic boom and contraction in business cycles. It shifts between periods of economic growth and relative decline or stagnation. |
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Utility is the benefit from consuming a product. Marginal utility is the change in utility from an increase in the consumption of a good or service. |
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Incentives are motivators that reward actions to produce a desired outcome. There are four types of incentives: financial, moral, personal, and coercive. |
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Social Capital are factors of social cohesion that allows groups to function efficiently. These factors include cooperation, personal relationships, reciprocity, shared identity, shared norms, shared vision, shared values, and trust. |
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Creative destruction is a process through which something new brings about the demise of whatever existed before it. |
