Will someone teach me the basics of economics?

[Blue3]

People have limited resources. (supply)
People have unlimited wants. (demand)
This is the problem of Scarcity.
It means we must make Choices.
The social science of Economics is dedicated to how we make choices under these conditions.

A few other basics: the smaller the supply of something, the more scarce something is, and that usually makes it more valuable.

Economic policy is divided into 3 parts
 1. Fiscal policy (the budget, controlled by Congress)
 2. Monetary policy (the currency, controlled by the Federal Reserve)
 3. Trade policy (controlled by Congress, free trade versus tariffs)

There are two main schools of economic thought in the United States:
1. Classical economic theory
2. Keynesian economic theory

A brief history of economic theories:
I. Mercantilism (1492-1776)
II. Classical Economic Theory (1776-1929)
III. The Fall of Classical Economic Theory, the Rise of Communism, and the Rise of Keynesian Economic Theory to rescue Capitalism (1929-1971)
IV. The Fall of the Keynesians (1971-1980)
V. Supply-side Economics, aka the return of Classical Economic Theory (1980-2008)
VI. The Present Crisis (2008-now)

I'd also recommend reading about Bretton Woods and what came out of it: the International Monetary Fund, the World Bank, and the World Trade Organization.

I'd also recommend reading about the old gold versus silver debate, and how Nixon upended the monetary system (also around the same time as the Oil Shocks) and how that changed things.

[Blue3]

I am very eager to take a Macro course which will probably be next year.

Have we answered your questions? Do you have questions, Spark498?

[Blue3]

1. Don't go to a politics forum to ask this question.

We have several very economically literate posters here, but I don't know how someone with no background would distinguish them from the charlatans.

What did you think of my summary?