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Economics 1 min read

Short-run Costs

In the short-run, a firm employs two types of factors: fixed factors and variable factors. Costs are also of two…

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Economics 4 min read

Nature of Economics

Nature of economics refers to whether economics is a science or art or both, and if it is a science,…

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Economics 1 min read

Types of production

Production is undertaken by firms, also known as enterprises, or businesses. There are three stages of production: 1.      Primary production, which involves the…

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Economics 3 min read

Money Management and Budgeting

Introduction Definitions and Basics ●      How to build your first budget, at MSN.com. ●      Angelica Trummell, 22, just graduated from college —…

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Economics 5 min read

Technology

Introduction Definitions and Basics ●      Technology, at Dictionary.com ●      Technology: ○    1. the branch of knowledge that deals with the creation and use…

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Economics 2 min read

Factors of production

Production involves the creation of goods and services by using scarce resources. Producers must exchange the income they earn for…

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Economics 4 min read

Consumers

Introduction Definitions and Basics ●      Consumer, from Answers.com ●      Consumer: ●      1. One that consumes, especially one that acquires goods or services for…

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