United States History

 

Intermediate U.S. Economics

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Isoquants, not sure exactly what they represent
So you're ready to begin the study of Intermediate Economics?  Great - here is where you can do it.

Now, just like a lot of other things - economics can be tough.  That is why:

1) There are many books written on economics
2) Colleges, universities, and some high schools teach the subject
3) It is a part of the United States

Still not convinced?  Okay.

Now, let's move onto some of the "brass tax" of economics.  One thing you'll need to know, or be familiar with, is the LDR - or Law of Diminishing Returns.  This, according to Wikipedia, refers to how the marginal production of a factor of production starts to progressively decrease as the factor is increased.  That is, imagine you are eating a piece of pizza.  You would think that the feeling you'd get from eating an additional piece of pizza would continue to get better.  That might be true for the first 3 pieces of pizza you eat; but when you get to 4, 5..maybe 6 if you are "fat", then you might start to feel full..and the joy you would get from each additional piece of pizza would start to decrease until you are probably really full and don't want to eat any more.  You might have to 1) poop or 2) take a break, sit back and just "chill".  This is probably the best way to describe the Law of Diminishing Returns.

There is not much else that has been studied or documented with respect to Intermediate U.S. Economics.  Most of the stuff has either been compressed into "terms" and "keywords" or can be found in the financial sections of the New York Times or Wall Street Journal.  Again, it's tough to really "explain" what a lot of this stuff means.  You might have to a) enroll in a major college or university, b) take online classes that might be more affordable, c) ask your parent (probably dad) because he might know about economics or stocks if he invests, d) go to your local bookstore and purchase a book on economics (if affordable - honestly, check Amazon.com, you can buy books on there for just the cost of shipping).

Other Intermediate Economics terms (in almost alphabetical order):

  • Isoquants
  • Supply & Demand Curves
  • Ampersand
  • Laissez-Faire
  • Market Forces
  • Balance
  • Budget
  • Barriers To Entry
  • Economies Of Scale
  • Comparative Advantage
  • Comparative Disadvantage
  • Advantage
  • Comparative
  • Communism
  • Das Kapital
  • Deadweight Loss
  • P, Q Axes
  • Equilibrium
  • Euro
  • Elasticity
  • GDP
  • GNP
  • GOP
  • GAP (The retail clothing store, a form of "business" in the U.S.)
  • Income
  • Inflation
  • Infertility (Leading to less children, thus less money being spent and subsequently circulating)
  • Liquidity
  • Complementary Goods
  • Compliments ("You look good today", "Nice job")
  • Keynesian
  • Labour
  • OPEC
  • Output
  • Outkast (Indicative of the music market in the United States and the effects of illegally downloaded music)
  • Positive Economics
  • "Profit"
  • Poverty (Antonym of economics)
  • Quota
  • Tariff
  • Tea Party
  • Social Market
  • Smith, Adam
  • Saks Fifth Avenue
  • Terms Of Trade (TOT)
  • Tax Evasion
  • Utility
  • Venture Capital
  • Welfare
  • Wages
  • Yield
  • Zero-Sum Game
If there are any terms here that you do not understand or any terms that you feel are missing, please email the creator of this page and we here at USHistory101 will do our best to keep the page up-to-date and as informative as possible.

This concludes the Intermediate Economics portion of this website.