Economics
Marginal analysis
Economic decisions are taken in a marginal way, which means that decisions to produce, or consume, are made one at…
August 19, 2021 · Prabhu TLEconomics
Economics
Increasing opportunity cost
Opportunity cost can be thought of in terms of how decisions to increase the production of an extra,…
August 19, 2021 · Prabhu TL
Economics
Pareto efficiency
Any point on a PPF, such as points ‘A’ and ‘B’, is said to be efficient and indicates…
August 19, 2021 · Prabhu TL
Economics
Interpreting PPFs
Firstly, we can describe the opportunity cost to Mythica of producing a given output of computers or textbooks. For example, If Mythica…
August 19, 2021 · Prabhu TL
Economics
Production possibility frontiers
An opportunity cost will usually arise whenever an economic agent chooses between alternative ways of allocating scarce resources.…
August 19, 2021 · Prabhu TL
Economics
Samuelson’s three questions
America’s first Nobel Prize winner for economics, the late Paul Samuelson, is often credited with providing the first clear…
August 19, 2021 · Prabhu TL
Economics
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…
August 19, 2021 · Prabhu TL
Economics
The economic problem
All societies face the economic problem, which is the problem of how to make the best use of limited,…
August 19, 2021 · Prabhu TL
Economics
The role of money in exchange
Money occupies a central role in market economies because it acts as a medium of exchange. The advent…
August 19, 2021 · Prabhu TL
Economics
What is Economics?
What do you think Economics is? Is it a hard science used by bankers to make money? Like alchemists…
August 19, 2021 · Prabhu TL