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..
In the process of business expansion, producers may benefit from the emergence of economies of scale. These economies are broadly classified into two types: Internal Economies and External Economies.
Acknowledging the time value of money empowers people to make better financial decisions and become better savers and investors.
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
What does “Economic Facts and Fallacies” by Thomas Sowell cover, and how does it compare to economist Thomas Sowell's other books?
Meaning of consumer's equilibrium - assumptions - budget line or price line - indifference map - necessary conditions for consumer's equilibrium - deriving consumer's equilibrium graphically
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.
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.
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.
I originally wrote the base paper for this hub 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...
How does the Federal Reserve use interest rates to control the economy, and how do these changing interest rates affect you as a consumer or business owner?