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…
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.
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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…
Economics 3 min read
Property rights
Markets are efficient at producing private goods, largely because producers and consumers have the right of ownership of the resources…
Economics 2 min read
Education as a merit good
In compensating for the failure of markets to supply public andmerit goods, central and local government can intervene. In the case of pure…
Economics 3 min read
Merit goods and positive consumption externalities
With education, few students will know with any precision the benefit to themselves of being educated, let alone the benefit to…
Economics 2 min read
The supply of merit goods
Economic theory predicts that while markets may form to supply some merit goods, total supply will be insufficient to achieve…
Economics 2 min read
Merit goods
The market for merit goods is an example of an incomplete market. Merit goods have two basic characteristics: Firstly, unlike a private good, the net…
Economics 4 min read
Quasi public goods
The market for quasi-public goods is an important example of an incomplete market. A quasi-public good is one that resembles…
Economics 1 min read
Incomplete markets
An incomplete market is one where some of the necessary conditions for market formation exist, but not all of them.…
Economics 3 min read
Pure public goods
The market mechanism is likely to fail to supply pure public goods because entrepreneurs are unlikely to enter the market,…