Economics 1 min read
Incomplete markets
An incomplete market is one where some of the necessary conditions for market formation exist, but not all of them.…
THE ARTICLE LIBRARY
All stories.
Ideas and explainers from across SenseCentral.
Economics 3 min read
Pure public goods
The market mechanism is likely to fail to supply pure public goods because entrepreneurs are unlikely to enter the market,…
General Concepts 2 min read
Flow Measurement Using Flow Nozzle
Basic Principle of Flow Nozzle: When a flow nozzle is placed in a pipe carrying whose rate of flow is…
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…
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…
General Concepts 3 min read
Effects of Feedback
The effects of feedback in systems on other working parameters of the system has been analysed. The parameter considered for…
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.…
General Concepts 3 min read
Feedback Principle
As I said in the previous post Open loop control system don’t give the required level of control as they…
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…
