General Concepts
Economic Systems
Introduction Definitions and Basics ● Capitalism, from the Concise Encyclopedia of Economics ● Capitalism, a term of disparagement coined by socialists in…
August 31, 2021 · Taylor EmmaAuthor: Taylor Emma
A senior editor for The Mars that left the company to join the team of SenseCentral as a news editor and content creator. An artist by nature who enjoys video games, guitars, action figures, cooking, painting, drawing and good music.
General Concepts
Efficiency
Introduction Definitions and Basics ● Efficiency, by Paul Heyne, from the Concise Encyclopedia of Economics ● To economists, efficiency is a relationship…
August 31, 2021 · Taylor EmmaGeneral Concepts
Scarcity
Introduction ● In economics, scarcity refers to limitations–limited goods or services, limited time, or limited abilities to achieve the…
August 31, 2021 · Taylor EmmaGeneral Concepts
Is Economics a Science?
Introduction ● Everyone recognizes that physics is a science. Everyone also recognizes economics–a “social science”– is somehow not quite…
August 31, 2021 · Taylor EmmaGeneral Concepts
Economic exchange
Economic behaviour involves the exchange of one scarce resource for another. When people engage in paid work, they…
August 31, 2021 · Taylor EmmaGeneral Concepts
Property rights
Markets are efficient at producing private goods, largely because producers and consumers have the right of ownership of…
August 31, 2021 · Taylor EmmaGeneral Concepts
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…
August 31, 2021 · Taylor EmmaGeneral Concepts
The supply of merit goods
Economic theory predicts that while markets may form to supply some merit goods, total supply will be insufficient…
August 31, 2021 · Taylor EmmaGeneral Concepts
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,…
August 31, 2021 · Taylor EmmaGeneral Concepts
Turnpikes
In the UK, turnpikes were an increasingly common way of paying for the maintenance costs of major roads…
August 31, 2021 · Taylor Emma