7 Signs Your Country Is a Command Economy and Might Be Headed for Communism
Your country could be operating as a command economy without you realizing it. Here are seven signs that you might be inside an economy that is veering away from free market ideologies.
Advantages and Disadvantages of a Firm’s International Expansion
This article analyses the advantages and disadvantages of a firm’s international expansion and make some concluding recommendations.
Summary of Capital in the Twenty-First Century by Thomas Piketty
A summary of Piketty's groundbreaking study of capitalism and inequality over the centuries.
The Environmental, Social and Economic Impacts of Winemaking
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.
Book Review: 'Economic Facts and Fallacies' by Sowell
What does 'Economic Facts and Fallacies' by Thomas Sowell cover? And how does it compare to other Thomas Sowell books?
The Pitfalls of Protectionism: Analyzing Drawbacks
Former President Trump pulled the United States out of the Trans-Pacific Partnership and engaged in tariff wars with China, Canada, and other trading partners as he seemed to be seduced by the false allure of protectionism.
Law of Diminishing Marginal Utility - Detailed Explanation
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.
Poverty Perspectives: ‘basic Needs Approach’ Vs. ‘capability Approach'
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..
Equilibrium Price Determination in the Market Period and Short Period Under Perfect Competition
The market period is a very short period in which the supply of a commodity is fixed. The variations in demand determine the price in such a market period.
Explanation of the Law of Supply and Its Exceptions
The law of supply states the functional relationship between price and the quantity offered for sale. Read on for my full explanation of this confusing law and its occasional exceptions!
Relationship Between Average and Marginal Revenue Curves
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...
Meaning of Opportunity Cost and Its Economic Significance
The concept of opportunity cost occupies an important place in economic theory. Wieser first developed the concept. The opportunity cost of anything is the foregone alternative...
Indifference Curve Analysis vs. Marshallian Cardinal Utility Theory
Indifference curve analysis possesses certain distinguishable and unquestionable merits over Marshall’s cardinal utility analysis. This article discusses the undeniable merits of indifference curve analysis.
How Do Income and Substitution Effects Work on Consumer’s Equilibrium for Giffen, Normal and Inferior Goods?
A look at the income and substitution effects on Giffen goods. What will be the income effect in case of an inferior good? This article explores various answers.
How to Derive Consumer's Equilibrium Through the Techniques of Indifference Curve and Budget Line
This article will help readers gain a better understanding of consumer's equilibrium and explain how to derive it graphically.
What Are the Properties of the Indifference Curves?
An indifference curve represents level of satisfaction, and each person holds a unique set. All indifference curves contain common characteristics and properties.
Indifference Curve Analysis: Assumptions, Indifference Schedule and the Meaning of Marginal Rate of Substitution
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).
Advantages and Disadvantages of the Marginal Utility Analysis
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.
Advantages of the Law of Diminishing Marginal Utility
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.
The Law of Diminishing Marginal Utility or Gossen's First Law
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 ‘Gossen’s first law.'
What Does Law of Demand State? What Are the Exceptions to the Law of Demand?
The 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.
Functions and Responsibilities of the Central Bank and Commercial Banks
The functions of a central bank include formulating and implementing monetary policy. The commercial banks are the financial intermediaries between savers and investors as both are supply side of the money market.
Economic Growth Strategies for Hong Kong and Singapore
I originally wrote the base paper as part of an assignment for my Econ 224 Macroeconomics class over at American InterContinental University Online. I received an A on the paper, although it was a bit of a bear for me to write. There...
What Is the Role of Human Capital in Economic Development?
Matters of economic of growth and decline hinge on the population. This is called human capital, and to truly understand the world, we must understand the role that populations play in an economy's growth or decline. This article will help you understand how human capital reshapes an economy.
Marx: A Summary of “The Fetishism of Commodities”
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? If so, in what context? Marx asks, is a commodity valuable because human labour was expended to produce it or because it is intrinsically valuable?
Differences Between Supply Side and Demand Side Economics
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 determine the best path for growing...