Essential Economics Terms You Should Know Few things affect the day-to-day lives of everyone more than the economy. Economics is a subject everyone should know at least a little about. How your country's economy is doing directly affects you, even though you may not be able to see it. Understanding the basic terms and definitions, so when the financial news comes on you won't have to skip it because you don't understand it. In this practical glossary, you'll learn about economics, including some of its foundational topics and concepts. This glossary compiles a list of over 150 most common terms you're likely to encounter. Every economic term is explained in detail, with a clear and concise article style description and practical examples. Economics is a social science concerned with the production, distribution, and consumption of goods and services. It studies how individuals, businesses, governments, and nations make choices on allocating resources to satisfy their wants and needs. This Practical Economics Guide Helps You Understand: - Microeconomics & Macroeconomics - Keynesian & Classical Economics - Business & Consumer Economics - Basic Economics - Principles of Economics - Trade Economics - Economic History This dictionary with alphabetical order also covers schools of economic thought. Two of the most common are Classical and Keynesian. Economic indicators are reports that detail a country's economic performance in a specific area. Make Economics Less of a Mystery Taking time to understand the vocabulary can help you with your day-to-day life, eliminating confusion, and get better prepared for economic changes. Get Smart with the Financial IQ Series Please also have a look at other titles in this series. The Herold Financial IQ series covers all major areas and aspects of the financial world. - Personal Finance, Real Estate, and Banking - Corporate Finance, Investment, and Economics - Retirement, Trading, and Accounting - Debt, Bankruptcy, Mortgage, Small Business, and Wall Street - Financial Laws & Regulations, Acronyms, and Abbreviations