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date: 19 October 2018

Abstract and Keywords

This article covers basic economic concepts, as well as their relevance to social welfare policy. It defines economics, and follows this with discussions of microeconomic concepts, such as market, demand, supply, equilibrium price, and market failure. Next, it takes up discussions of macroeconomic concepts, such as gross domestic product, aggregate demand, inflation, unemployment, fiscal policy, taxes, and free trade. As these economic concepts are discussed, they are related to social welfare policies, such as Social Security, Unemployment Insurance, and Temporary Assistance for Needy Families.

Keywords: microeconomics, macroeconomics, social welfare policy

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