THE ARCHIVES
Author: Prabhu TL.
Prabhu TL is a SenseCentral contributor covering digital products, entrepreneurship, and scalable online business systems. He focuses on turning ideas into repeatable processes—validation, positioning, marketing, and execution. His writing is known for simple frameworks, clear checklists, and real-world examples. When he’s not writing, he’s usually building new digital assets and experimenting with growth channels.
← Explore all topics 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…
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…
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…
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…