Economics 14 min read
Exchange and Trade
Introduction ● The words “exchange” and “trade” refer to the same activity–people who have one thing and want a different thing…
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Economics 12 min read
Supply and Demand, Markets and Prices
Introduction Definitions and Basics ● Supply and Demand. Part 2. Comparisons on Price, at SocialStudiesforKids.com. ● So we have supply, which is how much of…
Economics 8 min read
Division of Labor and Specialization
Introduction Definitions and Basics ● Definitions: Adam Smith, biography from the Concise Encyclopedia of Economics ● Smith saw the main cause of prosperity as increasing…
Economics 10 min read
Comparative Advantage and the Benefits of Trade
Introduction If you do everything better than anyone else, should you be self-sufficient and do everything yourself? Self-sufficiency is one…
General Concepts 3 min read
Interferometer
Basic Principle of Interferometry Interferometer is a precise instrument for flow visualization. The variation of refractive index of the flowing…
General Concepts 1 min read
Fresh Instrumentation and control Engineering Project ideas
list of Industrial automation projects which is evolving in instrumentation sector. 1. Automatic control system for rubber industries 2. Film roll cutter…
Economics 9 min read
Economic Growth
Introduction Definitions and Basics ● Economic Growth, at Answers.com ● An increase in the capacity of an economy to produce goods and services,…
General Concepts 3 min read
Humidity / Dampness Measurement
Introduction: The amount of water vapour contained in air or gas is called as humidity. This humidity affects human comforts…
Economics 6 min read
Real, Relative, and Nominal Prices
Introduction ● Definition: The nominal price of a good is its value in terms of money, such as dollars, French francs,…
Economics 3 min read
The methods used by economists
Economists use scientific observation and deduction in their investigations. To achieve this they: Describe and measure the exchanges they observe Economists describe…
