We've all heard the terms Supply & Demand before, but how much do you really know about one of the fundamental principals of economics? In this article, we'll cover the basics everyone needs to know.
4 Canons of taxation were first presented by Adam Smith. This articles explains the original 4 canons of taxation as well as the total 9 canons of taxation that were eventually formed later.
Meaning and assumptions of consumer's surplus - Measurement of consumer's surplus: The law of diminishing marginal utility approach and the indifference curve approach.
What is "the fetishism of commodities"? If, as Marx posits, the social relations within capitalist society exist between commodities and not between workers, then do workers even have socail relations at all?...
Meaning of consumer's equilibrium - assumptions - budget line or price line - indifference map - necessary conditions for consumer's equilibrium - deriving consumer's equilibrium graphically
Any single dimensional measure of poverty, such as income, will be always inadequate. It must be seen as a state of multiple deprivations and must include non-material aspects.
What is the best way to stimulate an economy? Is it best to lower taxes or increase wages, both or neither? These are questions which both Democrat and Republican politicians debate in the course of attempting to...
The law of supply states the functional relationship between price and the quantity offered for sale. At higher prices, more sellers are interested in producing the product, and each existing seller..
An indifference curve, since it represents level of satisfaction, is a subjective phenomenon. Each person has a unique set of indifference curves. However, all indifference curves possess some...
Let's explore the three "modes" of economics.