Economics 9 min read
Economic Growth
Introduction Definitions and Basics ● Economic Growth, at Answers.com ● An increase in the capacity of an economy to produce goods and services,…
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General Concepts 3 min read
Humidity / Dampness Measurement
Introduction: The amount of water vapour contained in air or gas is called as humidity. This humidity affects human comforts…
Economics 6 min read
Real, Relative, and Nominal Prices
Introduction ● Definition: The nominal price of a good is its value in terms of money, such as dollars, French francs,…
Economics 3 min read
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 Economists describe…
Economics 9 min read
Opportunity Cost
Introduction ● Opportunity cost refers to what you have to give up to buy what you want in terms of other…
Economics 13 min read
Incentives
Introduction In economics, incentives matter. If you make decisions without thinking about your personal incentives, let us know. Definitions and…
Economics 7 min read
Wellbeing and Welfare
Introduction ● The word “welfare” has two very different meanings in economics. The most familiar meaning to the general public is…
General Concepts 2 min read
Hair Hygrometer
Basic Principle Due to humidity, several materials experience a change in physical, chemical and electrical properties. This property is used in…
