This article takes an academic approach to answering frequently asked questions about the Great Recession of 2007-2008.
Meaning of consumer's equilibrium - assumptions - budget line or price line - indifference map - necessary conditions for consumer's equilibrium - deriving consumer's equilibrium graphically
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.
The BNA sees poverty in terms of consumption deprivation. But the capabilities approach looks at poverty in terms of deprivation of opportunities related to lifestyles people value.
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.
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.
The Trans-Pacific Partnership is already toast; the North American Free Trade Agreement may be next as the Trump Administration is seduced by the false allure of protectionism.
Giffen goods explanation - Income and substitution effects on Giffen goods - Income and substitution effects on normal goods - Income and substitution effects on inferior goods
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
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.
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?
This case examine the implications of the merger of Pepsi Co. and Quaker Oats Company for the rivalry between Coca-Cola Co. and PepsiCo, and for value creation by each firm.
Acknowledging the time value of money empowers people to make better financial decisions and become better savers and investors.