Economics 2 min read
Pareto efficiency
Any point on a PPF, such as points ‘A’ and ‘B’, is said to be efficient and indicates that an…
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General Concepts 2 min read
Electromechanical Relays
As the name indicates, electromechanical relays use the principle of inter conversion between electrical and mechanical energies. The most common…
Economics 1 min read
Interpreting PPFs
Firstly, we can describe the opportunity cost to Mythica of producing a given output of computers or textbooks. For example, If Mythica produces 3m…
Economics 1 min read
Production possibility frontiers
An opportunity cost will usually arise whenever an economic agent chooses between alternative ways of allocating scarce resources. The opportunity…
Economics 1 min read
Samuelson’s three questions
America’s first Nobel Prize winner for economics, the late Paul Samuelson, is often credited with providing the first clear and simple…
Economics 2 min read
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 choices between…
Economics 1 min read
The economic problem
All societies face the economic problem, which is the problem of how to make the best use of limited, or scarce,…
Economics 2 min read
The role of money in exchange
Money occupies a central role in market economies because it acts as a medium of exchange. The advent of money…
General Concepts 2 min read
Radiation pyrometer
When temperature to be measured is high and physical contact with the heat body is impossible, radiation pyrometer are used.…
General Concepts 2 min read
Total radiation pyrometer
The total radiation pyrometer receives all the radiation from a particular area of hot body. The term total radiation includes both the…
