Economics

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.

An economic theory that says 40- to 60-year cycles of growth follow breakthrough technological advances.

What are known as the tigers of Asia's economy are actually falling behind while other countries compete for the top of the economic ladder in Asia.

This article analyses the advantages and disadvantages of a firm’s international expansion and make some concluding recommendations.

A summary of Piketty's groundbreaking study of capitalism and inequality over the centuries.

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.

Being poor is no fun; among the many negatives are bad health, exposure to crime, and lack of education.

What does 'Economic Facts and Fallacies' by Thomas Sowell cover? And how does it compare to other Thomas Sowell books?

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.

Taxes are as old as sin, as certain as death, and as popular as a skunk at a lawn party, but they do fund social programs we all rely on.

Let's explore the three "modes" of economics.

With a negative net worth, Zombie Banks would be required to file for bankruptcy if they were operating under normal business rules.

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.

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.

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..

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.

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...

The law of returns to scale examines the relationship between output and the scale of inputs in the long-run, when all the inputs are increased in the same proportion.

An isoquant is a firm’s counterpart of the consumer’s indifference curve. An isoquant is a curve that show all the combinations of inputs that yield the same level of output...

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.

Meaning and assumptions of consumer's surplus - Measurement of consumer's surplus: The law of diminishing marginal utility approach and the indifference curve approach.

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

This article will discuss the meaning of price effect, income effect and substitution effect (aka, the Hicksian substitution effect), as well as Slutsky's and Hicks' methods.

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).

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 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.

There are three main concepts of balance in physics: stable equilibrium; unstable equilibrium, and neutral equilibrium. Prof. Schumpeter explains the three positions with a simple illustration.

How mathematics is important for the better understanding and study of various economic theories

!00 of the best businessmen and businesswomen of India are here in this comprehensive list. Learn the real stories of the most successful Indian entrepreneurs.

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...

The factor proportions theory of international trade is still widely accepted today.

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.

This article discusses the importance of industrialization and the role of industry in economic development. The developed countries of the world broke the vicious circle of poverty through industrialization.

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.