Economics 2 min read
Imperfect Competition
Imperfectly competitive markets may be classified as: Ø Monopoly, Ø Monopolistic Competition, Ø Oligopoly and Ø Duopoly Monopoly Monopoly refers to the market situation…
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Short-run Costs
In the short-run, a firm employs two types of factors: fixed factors and variable factors. Costs are also of two…
Economics 4 min read
Nature of Economics
Nature of economics refers to whether economics is a science or art or both, and if it is a science,…
Economics 1 min read
Types of production
Production is undertaken by firms, also known as enterprises, or businesses. There are three stages of production: 1. Primary production, which involves the…
Economics 3 min read
Money Management and Budgeting
Introduction Definitions and Basics ● How to build your first budget, at MSN.com. ● Angelica Trummell, 22, just graduated from college —…
Economics 5 min read
Technology
Introduction Definitions and Basics ● Technology, at Dictionary.com ● Technology: ○ 1. the branch of knowledge that deals with the creation and use…
Economics 2 min read
Factors of production
Production involves the creation of goods and services by using scarce resources. Producers must exchange the income they earn for…
Economics 11 min read
Entrepreneurs
Introduction ● An entrepreneur is someone who starts up a business. It could be anything from making and selling jewelry on…
Economics 5 min read
Compound Interest
Introduction Definitions and Basics ● Interest, from the Concise Encyclopedia of Economics ● Interest is the price people pay to have resources now…