Gross domestic product (GDP) is the monetary value of all finished goods and services made within a country during a specific period.
It is used as a comprehensive scorecard, or metric, of a given country’s economic health.
Economic policy is a tool used by the powers at be in the United States to try and control the economy. There are two types of economic policy, monetary policy and fiscal policy. These two levers on the economy do the following: Monetary policy is the Federal Reserve’s efforts to grow the economy by changing […] More
The Federal Reserve, or the Fed, is an important and influential part of the U.S. economy. But what exactly does it do? In this video from the Income Investing course, our Education Coach gives you a simple explanation.
When the economy grows too quickly or grows for a long time, it can lead to inflation. Inflation is the rising cost of goods and services. To reduce inflation, the Fed increases interest rates making it more expensive to borrow money. When it’s too expensive to borrow money businesses will reduce expansion and consumers will […] More
Covid is a public health crisis that has changed all aspects of everyday life, including education, work-life balance, and most drastically, the economy. The economy has been affected in an unbalanced way. Different sectors are being impacted differently. The retail and industrial sectors have been negatively impacted. Retail because there are stay-at-home orders and stores […] More
In a gig economy, temporary jobs are commonplace and companies tend to hire independent contractors and freelancers instead of full-time employees.
The business cycle depicts the increase and decrease in production output of goods and services in an economy.
Behavioral Economics is the study of psychology as it relates to the economic decision-making processes of individuals and institutions.
Watch the video above for details on game theory.
In a nutshell, game theory is a theoretical framework for understanding social situations among competing individuals. In simple terms, game theory is the science of strategy, or the science of how individuals can make the most optimal decisions in a strategic setting with other “players”.
The real-world social situations, or “games”, that game theory can be applied to include diplomacy, war, love, business strategy, and more.
A zero-sum game is a situation with two or more people in which the amount of losses by some equals the exact amount of gains made by others. The sum of the total gains (+) and losses (-) add up to zero. Poker is a classic example of a zero-sum game. Zero-sum game is a […] More
If the price of oil increases, then the cost of fuel will increase If the cost of fuel increases, then it becomes more expensive to transport food, including meat, across the country in trucks If grocery stores have to pay more for their food products, they will transfer the cost to the consumer That is […] More
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