Economics
Property Rights
Introduction ● You may wonder what property rights have to do with economics. Your property–your house, your car, your…
August 19, 2021 · Prabhu TLEconomics
Economics
Cost-Benefit Analysis
Introduction ● Cost-benefit analysis and benefit-cost analysis refer to the same thing–weighing the pros and cons so you can…
August 19, 2021 · Prabhu TLEconomics
Economic Systems
Introduction Definitions and Basics ● Capitalism, from the Concise Encyclopedia of Economics ● Capitalism, a term of disparagement coined by socialists in…
August 19, 2021 · Prabhu TLEconomics
Efficiency
Introduction Definitions and Basics ● Efficiency, by Paul Heyne, from the Concise Encyclopedia of Economics ● To economists, efficiency is a relationship…
August 19, 2021 · Prabhu TLEconomics
Scarcity
Introduction ● In economics, scarcity refers to limitations–limited goods or services, limited time, or limited abilities to achieve the…
August 19, 2021 · Prabhu TL
Economics
Is Economics a Science?
Introduction ● Everyone recognizes that physics is a science. Everyone also recognizes economics–a “social science”– is somehow not quite…
August 19, 2021 · Prabhu TL
Economics
Economic exchange
Economic behaviour involves the exchange of one scarce resource for another. When people engage in paid work, they…
August 19, 2021 · Prabhu TL
Economics
The study of economics
The study of economics involves three related investigations. 1. Why scarce resources are exchanged? 2. How consumers and producers behave as they interact with each…
August 19, 2021 · Prabhu TL
Economics
Property rights
Markets are efficient at producing private goods, largely because producers and consumers have the right of ownership of…
August 19, 2021 · Prabhu TLEconomics
Education as a merit good
In compensating for the failure of markets to supply public andmerit goods, central and local government can intervene. In the case…
August 19, 2021 · Prabhu TL