What is the Marginal Rate of Substitution?Marginal rate of substitution (MRS) is an economic concept that helps in understanding human behavior. MRS is basically… Read Article

Indifference Curve (or IC) is an economic phenomenon that helps understand customer preference. It is basically a graphical representation showing different combinations of two… Read Article

What is Consumer Equilibrium?Equilibrium in economics refers to a point or position that offers maximum benefits in a given situation. Similarly, a consumer is… Read Article

What is Price Rise When the Government Prints too Much Money”?“Prices rise when the government prints too much money” is the ninth principle of… Read Article

What is “Governments Can Sometimes Improve Market Outcomes”?Eminent economist N. Gregory Mankiw gave us ten principles of economics in his famous book ‘Principles of… Read Article

Markets are Usually a Good Way to Organize Economic Activity“Markets are usually a good way to organize economic activity” is the sixth principle out… Read Article

Trade-off Between Inflation and Unemployment: ExplanationInflation and unemployment are among the most crucial economic indicators. Moreover, what makes the two even more important is… Read Article

What is “Principle 5: Trade can Make Everyone Better Off”?“Principle 5: Trade can make everyone better off” is the fifth principle out of the… Read Article

Utility in economics means the satisfaction that a user gets from consuming a product or service. Different users can get varying levels of utility… Read Article