Gross Domestic Product is the standard measure of how well or poorly an economy is doing. Some economists say it’s a false indicator.
Linen fibers are natural fibers that have a long history. In this article, you will know a brief history of flax, the microstructure of flax fiber, physical and chemical properties, flax industry, its uses and how to care for linen fabrics.
This article analyses the advantages and disadvantages of a firm’s international expansion and make some concluding recommendations.
Silk is one of the finest and most-strength natural fibers. In this article, you will learn the history of natural silk, the life cycle of the silkworm, silk types, the chemical structure of silk fiber, physical and chemical properties, and how to maintain silk fabrics.
A summary of Piketty's groundbreaking study of capitalism and inequality over the centuries.
How a burned out building became one of Poteau's most popular downtown attractions.
Winemaking is a multifaceted and delicate process that has transcended centuries and is enjoyed by many cultures. However, the intricate method of creating wine has both numerous positive and negative environmental, social as well as economical impacts.
Natural wool textiles are the best fabrics used during the winter to provide warmth. In this article you will know the history of wool, characteristics of wool fibers, woolen microstructure, sheep wool types, wool manufacturing process, uses, and the good washing of wool fabrics.
What is GDP or GNP? How are GDP and GNP related? What is Nominal GDP and Real GDP? A short overview of these important economic concepts.
What does 'Economic Facts and Fallacies' by Thomas Sowell cover? And how does it compare to other Thomas Sowell books?
This article takes an academic approach to answering frequently asked questions about the Great Recession of 2007-2008.
All these economic books are international best sellers. They are representative of views endorsed by millions of people, and deal with austerity, capitalism, inequality and the super-rich.
The late 19th century was a critical time of change: social, economical, political, and more. This change resulted from the revolutions of the previous centuries. Three such revolutions in particular are the French Revolution, Scientific Revolution, and the Christian Reformation. The culmination of these three revolutions gave birth to new political, social, and economical ideologies of Capitalism, Socialism- governmental and non-governmental, and Communism/Anarchism. Each ideology broke bonds w
This article explains the law of diminishing marginal utility with the help of a schedule and diagram. It also states the assumptions and exceptions of the law of diminishing marginal utility.
If the basic needs approach (BNA) sees poverty in terms of consumption deprivation, the capabilities approach (CA) looks at poverty as deprivation of opportunities required to lead the life people want to live..
The market period is a very short period in which the supply of a commodity is fixed. It is the variations in demand that determine the price in such a market period...
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..
The costs and revenues of a firm determine its nature and the levels of profit. The revenue concepts commonly used in economic are total revenue, average revenue and marginal revenue...
The concept of opportunity cost occupies an important place in economic theory. The concept was first developed by Wieser. The opportunity cost of anything is the alternative that has been foregone...
Indifference curve analysis possesses certain distinguishable and unquestionable merits over Marshall’s cardinal utility analysis. Following are the undeniable merits of indifference curve analysis.
Giffen goods explanation - Income and substitution effects on Giffen goods - Income and substitution effects on normal goods - Income and substitution effects on inferior goods
Income Effect on Consumer's Equilibrium - Substitution Effect on Consumer's Equilibrium - Price Effect on Consumer's Equilibrium - Derivation of Demand Curve from Price Consumption Curve
Meaning of consumer's equilibrium - assumptions - budget line or price line - indifference map - necessary conditions for consumer's equilibrium - deriving consumer's equilibrium graphically
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...
Indifference curve analysis is basically an attempt to improve cardinal utility analysis (principle of marginal utility). An indifference curve is also known as iso utility curve (“iso” means same).
Prof. Marshall writes that the application of marginal utility concept extends over almost every field of economics, including production, distribution, consumption, public finance, and so on.
The law of equi-marginal utility or Gossen's second law explains how a consumer allocates his income among various commodities for getting maximum satisfaction.
Some important economic concepts such as law of demand, consumer's surplus, elasticity of demand and law of substitution are based on the law of diminishing marginal utility.
Gossen, a German economist, is the first to explain the law of diminishing marginal utility based on general observations of human behavior. Therefore, the law is also termed as ‘Gossen’s first law’.
Law of demand states that while other things do not change, there is an inverse relationship between the price of a commodity and the quantity demanded at a specified time. In simple terms, people...
The central bank is the agency to formulate and implement the monetary policy. The commercial banks are the financial intermediaries between savers and investors as both are supply side of the money market.