Being poor is no fun; among the many negatives are bad health, exposure to crime, and lack of education.
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
Poverty is now accepted as a situation of multidimensional deprivation. The multidimensional poverty index (MPI) offers a unique measure of shortages in the lives of the poor.
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...
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?
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..
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.
Acknowledging the time value of money empowers people to make better financial decisions and become better savers and investors.
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.
Meaning of consumer's equilibrium - assumptions - budget line or price line - indifference map - necessary conditions for consumer's equilibrium - deriving consumer's equilibrium graphically
There are three types of equilibrium, namely stable, neutral and unstable equilibrium. Prof. Schumpeter explains the three positions with a simple illustration of a ball placed in three different...