Economics

What is a Centrally Planned Economy?An economy is a framework within which we perform various economic activities such as production, distribution, and consumption. A… Read Article

The utility is an important term in economics as it refers to satisfaction. Measuring utility has always been a topic of debate. Many economists… Read Article

What is the Law of Diminishing Marginal Utility?The law of diminishing marginal utility is an economic concept that helps to explain human buying behavior.… Read Article

What are the Central Problems of an Economy?People all around the world need a host of goods and services ranging from food, clothing, shelter,… Read Article

What is Marginal Utility?Marginal Utility (or MU) is a concept in economics. It is a measure of additional satisfaction or benefits that a user… Read Article

What is the Marginal Rate of Transformation?Marginal Rate of Transformation (or MRT) is an economic concept that helps to measure the opportunity cost. MRT… Read Article

What are the Factors of Production?Factors of production in economics refer to the inputs one needs to make or produce a good or service.… Read Article

What is a Free Market Economy?A free market economy is an economy in which the driving forces are the demand and supply in the… Read Article

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