Economics and Political Science

• Economics is a social science that studies how societies allocate scarce resources to satisfy unlimited wants and needs.
• Political science is a social science that studies the theory and practice of politics and the description and analysis of political systems and political behavior.

Core Concepts of Economics

• Scarcity: The fundamental economic problem of having seemingly unlimited human wants in a world of limited resources.
• Opportunity Cost: The value of the next best alternative that is forgone when making a decision.
• Supply and Demand: An economic model of price determination in a market.
• Supply refers to the quantity of a good or service that producers are willing and able to offer at various prices during a specific time period.
• Demand refers to the quantity of a good or service that consumers are willing and able to purchase at various prices during a specific time period.
• Market Structures: The characteristics of a market that influence the behavior of firms and consumers.
• Perfect competition: Many firms, identical products, no barriers to entry.
• Monopoly: Single firm, unique product, high barriers to entry.
• Oligopoly: Few firms, similar or differentiated products, significant barriers to entry.
• Monopolistic competition: Many firms, differentiated products, low barriers to entry.
• Macroeconomics: The study of the economy as a whole, including topics such as inflation, unemployment, and economic growth.
• Microeconomics: The study of individual economic units, such as consumers, firms, and markets.
• Gross Domestic Product (GDP): The total value of all final goods and services produced within a country's borders during a specific time period.
• Inflation: A general increase in the price level of an economy.
• Unemployment: The state of being actively searching for a job but unable to find one.
• Monetary Policy: Actions undertaken by a central bank to manipulate the money supply and credit conditions to stimulate or restrain economic activity.
• Fiscal Policy: The use of government spending and taxation to influence the economy.
• Economic Systems: The way a society organizes the production, distribution, and consumption of goods and services.
• Capitalism: Private ownership of resources and market-based allocation.
• Socialism: Social ownership of resources and centralized planning.
• Mixed economy: A combination of capitalism and socialism.

Core Concepts of Political Science

• Political Theory: Deals with the foundations of political thought and includes classical and modern thinkers.
• Comparative Politics: Focuses on understanding different political systems around the world.
• International Relations: Examines the interactions between states and other actors in the global arena.
• Public Administration: Studies the implementation of government policies and the management of public programs.
• Public Law: Deals with the interpretation and application of laws, especially constitutional law.
• Power: The ability to influence the behavior of others. Political power is often associated with authority and legitimacy.
• State: A political entity with a defined territory, a permanent population, a government, and the capacity to enter into relations with other states.
• Sovereignty: The supreme authority within a territory.
• Government: The institutions and processes through which a state is ruled.
• Political Ideology: A set of beliefs and values about the ideal political order.
• Liberalism: Emphasizes individual rights and limited government.
• Conservatism: Emphasizes tradition, order, and individual responsibility.
• Socialism: Emphasizes social equality and government intervention in the economy.
• Communism: Advocates for a classless society and collective ownership of resources.
• Democracy: A system of government in which citizens exercise power, either directly or through elected representatives.
• Authoritarianism: A system of government in which power is concentrated in the hands of a single leader or a small group of elites.
• Political Parties: Organized groups that seek to win elections and control government.
• Interest Groups: Organizations that seek to influence government policy on behalf of their members.
• Political Behavior: Encompasses various forms of participation, such as voting, protesting, and lobbying.
• Constitution: A set of fundamental principles or established precedents according to which a state or other organization is governed.

Intersection of Economics and Political Science

• Political Economy: Studies the interaction between economic and political factors.
• Public Choice Theory: Applies economic principles to the study of political decision-making.
• Regulation: Government intervention in the economy to achieve specific goals.
• Taxation: The use of mandatory payments to governments
• Rent-Seeking: The use of political influence to gain economic advantage.
• Corruption: Dishonest or fraudulent conduct by those in power.
• Economic Development: The process of improving the economic well-being of a country or region.
• Globalization: The increasing integration of economies and societies around the world.
• Welfare State: A system in which the government provides a wide range of social services to its citizens.
• Income Inequality: The unequal distribution of income among individuals or households.
• Trade Policy: Government policies that affect international trade.
• Environmental Economics: Studies the economic aspects of environmental issues.
• Behavioral Economics: Is a subfield that integrates insights from psychology into economics to better understand decision-making processes.
• Game Theory: Provides a framework for analyzing strategic interactions between rational actors.