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31 March 2024
What is Variable Cost?
What is Variable Cost? Variable cost is a cost of production that depends on the quantity produced.  How...
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31 March 2024
What is the Price Elasticity of Demand?
The price elasticity of demand is the amount by which demand for a given product changes in response...
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31 March 2024
What is Per Capita?
What is Per Capita? Per Capita means literally per head, and it’s used to denote an average value...
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31 March 2024
What is a Public Good?
What is a Public Good? A public good is a good or service for which it is not possible to establish...
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31 March 2024
What is Producer Surplus?
What is Producer Surplus? Producer surplus is the difference between the price that producers receive...
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31 March 2024
What is the Output Gap?
What is the Output Gap? The output gap is the difference between actual output and potential output.  How...
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31 March 2024
What is Imperfect Competition?
What is Imperfect Competition? Imperfect competition is the case of a market with a small number of...
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31 March 2024
What is Economic Profit?
What is Economic Profit? Economic profit is the difference between the revenue realized by a producer...
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31 March 2024
What is Consumption?
What is Consumption?  Consumption is the spending by households on goods and services, with the...
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31 March 2024
What are Barriers to Entry?
What are Barriers to Entry? Barriers to entry are conditions that prevent firms from freely entering...
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31 March 2024
What is a Bank Run?
What is a Bank Run? A bank run is a sudden rush of depositors seeking to withdraw funds from the banking...
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31 March 2024
What is a Competitive Market?
What is a Comparative Market? A comparative market is a market with many buyers and sellers trading...
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31 March 2024
What is Wealth?
What is Wealth?  Wealth is the total value of assets used as a store of value.  How Do...
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31 March 2024
What are Savings?
What are Savings? Savings are the difference between a person’s disposable income and their expenditures.  How...
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31 March 2024
What is Structural Unemployment?
What is Structural Unemployment? Structural unemployment is unemployment that results from the mismatch...
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31 March 2024
What is Lead Time?
What is Lead Time? Lead time is a period of time between when an invention is discovered and when...
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17 March 2024
What is a Fixed Cost?
What is a Fixed Cost? A fixed cost is a cost of production that is independent of the quantity produced.  How...
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17 March 2024
What is Price Discrimination?
What is Price Discrimination? Price discrimination is when a business sells the same product to different...
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17 March 2024
What is Rent Seeking?
What is Rent Seeking? Rent-seeking is using political influence to increase one’s economic profits...
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17 March 2024
What is Liquidity?
What is Liquidity? Liquidity is the ease with which a monetary asset may be converted into money.  How...
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17 March 2024
What is an Intermediary?
What is an Intermediary? An intermediary is a third party who acts as a link between two others who...
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17 March 2024
What is Cyclical Unemployment?
What is Cyclical Unemployment? Cyclical unemployment is unemployment caused by deviations of output...
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17 March 2024
What is Deadweight Loss?
What is Deadweight Loss? Deadweight loss is the reduction in total surplus that results from a market...
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29 February 2024
What are Network Effects?
What are Network Effects? Network effects are products whose value to an individual user increases...
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29 February 2024
What is the Tragedy of the Commons?
What is the Tragedy of the Commons? The tragedy of the commons is the depletion of a common resource...
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29 February 2024
What are Reserves?
What are Reserves? Reserves are the fraction of deposit liabilities that banks hold to meet depositor...
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29 February 2024
What is a Recession?
What is a Recession? A recession is a period between a peak and a trough in economic activity.  How...
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29 February 2024
What is Elasticity?
What is Elasticity? Elasticity is the percentage change in quantity demanded or supplied as a result...
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29 February 2024
What are Patents?
What are patents? Patents are intellectual property rights over inventions that confer twenty years...
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29 February 2024
What is a Portfolio Investment?
What is a Portfolio Investment? A portfolio investment is the purchase of shares of stock or bonds. How...
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29 February 2024
What is an Oligopoly?
What is an Oligopoly? An oligopoly is a market in which there are just a few producers. How Do...
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29 February 2024
What is the Natural Rate of Unemployment?
What is the Natural Rate of Unemployment? The natural rate of unemployment is the level of unemployment...
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29 February 2024
What is Market Power?
What is Market Power?  Market power is a situation in which one firm, or a group of them acting...
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29 February 2024
What is Marginal Cost?
What is Marginal Cost? Marginal cost is the additional cost of production associated with a small...
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29 February 2024
What is Intellectual Property?
What is Intellectual Property? Intellectual property refers to the legal rights that creators and...
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14 February 2024
What are Financial Markets?
What are Financial Markets? Financial markets are the institutions through which individuals with...
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14 February 2024
What is Frictional Unemployment?
What is Frictional Unemployment? Frictional unemployment is unemployment that results because it takes...
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14 February 2024
What are Excludable Goods?
What are Excludable Goods?  Excludable goods are goods that an individual can prevent another...
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14 February 2024
What is Equilibrium?
What is Equilibrium? Equilibrium is a situation in which the forces in a system are in balance so...
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14 February 2024
What is Crowding Out?
What is Crowding Out? Crowding out is the decrease in private investment that occurs due to a reduction...
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14 February 2024
What is Creative Destruction?
What is Creative Destruction? Creative Destruction is the process by which new technologies make some...
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14 February 2024
What is Consumer Surplus?
What is Consumer Surplus? Consumer surplus is the difference between the amount that a buyer would...
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14 February 2024
What is Comparative Advantage?
What is Comparative Advantage? Comparative advantage is the ability to produce a good or service at...
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14 February 2024
What is a Cartel?
What is a Cartel? A cartel is a group of firms that collude in a given market to restrain competition,...
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14 February 2024
What are Capital Goods?
What are Capital Goods? Capital goods are long-lived assets that are used in the production of other...
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14 February 2024
What is Appropriability?
What is Appropriability? Appropriability is how much of the social value of an innovation the inventor...
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14 February 2024
What are Agglomeration Benefits?
What are Agglomeration Benefits?  Agglomeration benefits are the increase in productivity associated...
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22 January 2024
What are Negative Externalities?
What are Negative Externalities? Negative externalities are unintended and harmful side effects or...
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22 January 2024
What is the Consumer Price Index?
What is the Consumer Price Index?  The Consumer Price Index (CPI) is a measure that examines...
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20 January 2024
What are Positive Externalities?
What are Positive Externalities  Positive externalities are beneficial side effects or consequences...
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19 January 2024
What is the Gross Domestic Product (GDP)?
What is Gross Domestic Product? Gross Domestic Product (GDP) is a key economic indicator that measures...
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4 January 2024
What are Diminishing Marginal Returns?
What are diminishing marginal returns? Diminishing Marginal Returns is an economic principle that...
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4 January 2024
What are Inferior Goods?
What are inferior goods? Inferior goods are products that decrease in demand, even when the income...
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4 January 2024
What are Necessities?
What are necessities? Necessities are goods which satisfy basic human needs. How Do I  Remember...
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4 January 2024
What are Luxuries?
What are luxuries? Luxuries are goods which consumers want, but don’t need. Luxuries are considered...
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4 January 2024
What are Consumer Goods?
What are consumer goods? Consumer goods are products used for immediate consumption. How Do I ...
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Producer Goods
4 January 2024
What are Producer Goods?
What are producer goods? Producer goods are products used to make consumer goods. How Do I ...
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4 January 2024
What is the Currency Exchange in Foreign Trade?
There is currency appreciation  and currency depreciation Currency appreciation’s effects on trade...
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4 January 2024
What is the Balance of Payment?
What is the balance of payment? An accounting of funds that flow into and out of a country comprised...
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4 January 2024
What are some Common Trade Terms?
Import quota: a limit on the amount of a product that can be imported Import Tariff: a tax on a specified...
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15 December 2023
Diminishing Marginal Utility
What is Diminishing Marginal Utility? Diminishing marginal utility is the decrease in quality of the...
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12 December 2023
Normative Economics
What is Normative Economics? Normative economics is a branch of economics that emphasizes the hypothetical,...
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12 December 2023
Positivist Economics
What is Positivist Economics? An economic approach that values empirical evidence and scientific methods So,...
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12 December 2023
The Balance of Trade
What is the balance of trade? A nation’s balance of trade is exports minus imports A nation that...
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12 December 2023
Automatic Stabilizers
What are automatic stabilizers? Features of the economic policy that help automatically stabilize...
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12 December 2023
The Keynesian Model
What is the Keynesian Model? An economic theory focusing on the role of aggregate demand in determining...
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3 December 2023
The Income Effect
What is the Income Effect? As a consumer’s income rises or declines their demand for goods also fluctuates An...
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2 December 2023
To the cause of economic growth blog
What are the causes of Economic Growth? Growth and improvements in technology Increased Research...
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1 December 2023
Rational Self Interest
What is Rational Self Interest? People make decisions based upon the best possible personal outcome...
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30 November 2023
Real Balance Effect
What is the Real Balance Effect? The change in consumption caused by a change in the real value of...
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29 November 2023
Normal Goods
What are Normal Goods? Products that experience an increase in demand when a consumer’s income increases. Life...
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28 November 2023
Classical Model
What is the Classical Model? It is a framework that originated in the 18th and 19th centuries, mainly...
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18 November 2023
What are Complementary Products?
What are Complementary Products? Products that complement another product These products simultaneously...
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18 November 2023
What are Substitute Products?
What are Substitute Products? Products that can replace another product A substitute product’s demand...
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18 November 2023
What is the Law of Demand?
What is the Law of Demand? First of all, demand is the willingness for consumers to pay for goods...
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18 November 2023
Open Economy Effect
What is the Open Economy Effect? An open economy is one that interacts freely with other economies...
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18 November 2023
Fiscal Policy
What is Fiscal Policy? Attempts by the government to meet specific economic goals that can include...
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18 November 2023
Interest Rate Effect
What is the interest rate effect? The change in aggregate demand in an economy due to changes in interest...
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18 November 2023
Price Control
What is Price Control? It is a mandated price for a good  A legal restriction set by the government...
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Trade
15 November 2023
Free Trade
“What is Free Trade?” Free trade is the belief that unrestricted international trade of services and...
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Dumping
11 November 2023
Dumping
“What is Dumping?” Essentially it is selling something for less than the cost of producing it  This...
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Absolute Advantage
11 November 2023
What is Absolute Advantage?
    “What is Absolute Advantage?” A concept mainly used to explain international trade It...
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Adam Smith
11 November 2023
What were Adam Smith’s Main Arguments?
Who is Adam Smith? The Father of Economics and a pioneer of capitalism. He has several central arguments...
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Production
11 November 2023
What are the Three Factors of Production?
“What are the Three Factors of Production?” They are natural resources, labor, and capital. Natural...
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Game Theory
25 October 2023
What is Game Theory
“What exactly is Game Theory?” It is the study of strategy based on math and rational agents. The rational...
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Opportunity Cost
25 October 2023
What is Opportunity Cost
“What exactly is Opportunity Cost?” Opportunity cost is the value of what you lose when you pick one...
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Micro
25 October 2023
What is the difference between Micro and Macroeconomics?
  “What is the difference between Micro and Macroecnomics?” Micro economics is focused on...
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