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 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