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

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