Economics 9 min read
Opportunity Cost
Introduction ● Opportunity cost refers to what you have to give up to buy what you want in terms of other…
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Economics 13 min read
Incentives
Introduction In economics, incentives matter. If you make decisions without thinking about your personal incentives, let us know. Definitions and…
Economics 7 min read
Wellbeing and Welfare
Introduction ● The word “welfare” has two very different meanings in economics. The most familiar meaning to the general public is…
General Concepts 2 min read
Hair Hygrometer
Basic Principle Due to humidity, several materials experience a change in physical, chemical and electrical properties. This property is used in…
Economics 20 min read
Property Rights
Introduction ● You may wonder what property rights have to do with economics. Your property–your house, your car, your pets–are items…
Economics 11 min read
Cost-Benefit Analysis
Introduction ● Cost-benefit analysis and benefit-cost analysis refer to the same thing–weighing the pros and cons so you can make a…
Economics 15 min read
Economic Systems
Introduction Definitions and Basics ● Capitalism, from the Concise Encyclopedia of Economics ● Capitalism, a term of disparagement coined by socialists in the midnineteenth…
Economics 7 min read
Efficiency
Introduction Definitions and Basics ● Efficiency, by Paul Heyne, from the Concise Encyclopedia of Economics ● To economists, efficiency is a relationship between ends…
Economics 10 min read
Is Economics a Science?
Introduction ● Everyone recognizes that physics is a science. Everyone also recognizes economics–a “social science”– is somehow not quite the same…
Economics 2 min read
Economic exchange
Economic behaviour involves the exchange of one scarce resource for another. When people engage in paid work, they exchange their…
Economics 1 min read
The study of economics
The study of economics involves three related investigations. 1. Why scarce resources are exchanged? 2. How consumers and producers behave as they interact with each other in…
