General Concepts 2 min read
Exceptions to the law of demand
Conspicuous goods: These are certain goods which are purchases to project the status and prestige of the consumer. For e.g. expensive…
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Determinants of demand
There are many factors other than price that can affect the level of quantity demanded. This defines demand function. (i)…
General Concepts 2 min read
Production Possibility Curve (PPC)
In economics, a production–possibility curve (PPC), is also called a production–possibility frontier (PPF), production-possibility boundary or product transformation curve, is…
General Concepts 4 min read
Nature of Economics
Nature of economics refers to whether economics is a science or art or both, and if it is a science,…
General Concepts 3 min read
Money Management and Budgeting
Introduction Definitions and Basics ● How to build your first budget, at MSN.com. ● Angelica Trummell, 22, just graduated from college —…
General Concepts 5 min read
Technology
Introduction Definitions and Basics ● Technology, at Dictionary.com ● Technology: ○ 1. the branch of knowledge that deals with the creation and use…
General Concepts 4 min read
Consumers
Introduction Definitions and Basics ● Consumer, from Answers.com ● Consumer: ● 1. One that consumes, especially one that acquires goods or services for…
General Concepts 9 min read
Producers
Introduction ● A producer is someone who creates and supplies goods or services. Producers combine labor and capital—called factor inputs or…
General Concepts 11 min read
Entrepreneurs
Introduction ● An entrepreneur is someone who starts up a business. It could be anything from making and selling jewelry on…
General Concepts 5 min read
Compound Interest
Introduction Definitions and Basics ● Interest, from the Concise Encyclopedia of Economics ● Interest is the price people pay to have resources now…
General Concepts 7 min read
Credit
Introduction Definitions and Basics ● Credit, from Dictionary.com ● Definition: credit: ○ 5. confidence in a purchaser’s ability and intention to pay, displayed…
General Concepts 9 min read
Government Budget Deficits and Government Debt
Introduction Definitions and Basics ● Government Debt and Deficits, from the Concise Encyclopedia of Economics ● Government debt is the stock of outstanding…