Economics & the World
The incentives and trade-offs behind prices, jobs and policy.
Read the news with a working model, not a slogan. Explain how an economic force plays out and a tutor traces the second-order effects you might have missed.
Understand the concepts
- Supply and demand examples: everyday UK cases
Everyday supply and demand examples - a busier café, a poor harvest, cheaper laptops and a mild winter - show how the model predicts price and quantity.
- Sunk cost vs opportunity cost: which should affect your decision?
Separate money already lost from the next-best option you would give up. A worked example explains sunk costs, opportunity costs, refunds and future spending.
What you’ll learn
- How prices coordinate buyers and producers
- Why interventions have knock-on effects
- Reading inflation, rates and trade without the slogans
- Who really bears a tax or a tariff
Concepts you’ll explore
Supply & demandElasticityIncentivesInflationTax incidenceComparative advantageExternalitiesTrade-offs
Try a question
When a crop becomes scarce and its price rises, how might buyers and farmers respond, and why might those responses take time?
Answer this question →One free answer, instant feedback from an AI tutor, no account needed to start.