Economics 1 min read
Missing markets
A significant market failure is the failure to produce some goods and services, despite being needed or wanted. Markets can…
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 1 min read
The nature of economics
Economics is the scientific study of the ownership, use, and exchange of scarce resources – often shortened to the science of scarcity. Economics is…
Economics 1 min read
Index numbers
Economists frequently use index numbers when making comparisons over time. An index starts in a given year, the base year, at…
Economics 1 min read
Marginal analysis
Economic decisions are taken in a marginal way, which means that decisions to produce, or consume, are made one at a time.…
Economics 1 min read
Increasing opportunity cost
Opportunity cost can be thought of in terms of how decisions to increase the production of an extra, marginal, unit…
Economics 2 min read
Pareto efficiency
Any point on a PPF, such as points ‘A’ and ‘B’, is said to be efficient and indicates that an…
Economics 1 min read
Interpreting PPFs
Firstly, we can describe the opportunity cost to Mythica of producing a given output of computers or textbooks. For example, If Mythica produces 3m…
Economics 1 min read
Production possibility frontiers
An opportunity cost will usually arise whenever an economic agent chooses between alternative ways of allocating scarce resources. The opportunity…
Economics 1 min read
Samuelson’s three questions
America’s first Nobel Prize winner for economics, the late Paul Samuelson, is often credited with providing the first clear and simple…
Economics 2 min read
Choice and opportunity cost
Choice and opportunity cost are two fundamental concepts in economics. Given that resources are limited, producers and consumers have to make choices between…
Economics 1 min read
The economic problem
All societies face the economic problem, which is the problem of how to make the best use of limited, or scarce,…
Economics 2 min read
The role of money in exchange
Money occupies a central role in market economies because it acts as a medium of exchange. The advent of money…