General Concepts
Samuelson’s three questions
America’s first Nobel Prize winner for economics, the late Paul Samuelson, is often credited with providing the first clear…
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
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…
August 31, 2021 · Taylor EmmaGeneral Concepts
The economic problem
All societies face the economic problem, which is the problem of how to make the best use of limited,…
August 31, 2021 · Taylor EmmaGeneral Concepts
The role of money in exchange
Money occupies a central role in market economies because it acts as a medium of exchange. The advent…
August 31, 2021 · Taylor EmmaGeneral Concepts
Types of production
Production is undertaken by firms, also known as enterprises, or businesses. There are three stages of production: 1. Primary production, which…
August 31, 2021 · Taylor EmmaGeneral Concepts
Factors of production
Production involves the creation of goods and services by using scarce resources. Producers must exchange the income they…
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
Positive and normative economics
As a social science, economics attempts to use the principles and methods of science to explain economic behaviour.…
August 31, 2021 · Taylor EmmaGeneral Concepts
The role of the professional economist
Professional economists apply their skills of description, analysis, model building, and prediction to generate knowledge and, from this,…
August 31, 2021 · Taylor EmmaGeneral Concepts
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…
August 31, 2021 · Taylor Emma