Economics

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.

Gross Domestic Product is the standard measure of how well or poorly an economy is doing. Some economists say it’s a false indicator.

Linen fibers are natural fibers that have a long history. In this article, you will know a brief history of flax, the microstructure of flax fiber, physical and chemical properties, flax industry, its uses and how to care for linen fabrics.

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

Silk is one of the finest and most-strength natural fibers. In this article, you will learn the history of natural silk, the life cycle of the silkworm, silk types, the chemical structure of silk fiber, physical and chemical properties, and how to maintain silk fabrics.

Many products that used to last a lifetime now break down in a few years forcing consumers to buy a replacement.

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

How a burned out building became one of Poteau's most popular downtown attractions.

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.

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.

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?

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.

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

This article takes an academic approach to answering frequently asked questions about the Great Recession of 2007-2008.

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.

All these economic books are international best sellers. They are representative of views endorsed by millions of people, and deal with austerity, capitalism, inequality and the super-rich.

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.

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

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

Meaning of price effect, income effect and substitution effect - Separation of income effect and substitution effect of a price change - Slutsky's method - Hicks' method

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 central bank is the agency to formulate and implement the monetary policy. The commercial banks are the financial intermediaries between savers and investors as both are supply side of the money market.