When the price of something falls people usually demand more of it. This happens because you can now afford to buy more of it and also more people can afford it now. This is called the law of demand. We will also learn the concept of elasticity of demand.
These are all examples of externalities. Sorry, if this sounds too complicated at the beginning, it will all make sense as you read along. Externalities… Read More »What does a vaccine, a park and a factory have in common?
How do we grow our money? We all know that unfortunately, we can’t grow our money on trees. But there’s a way to have more… Read More »If money doesn’t grow on trees, how and where does it grow?
The answer to this complex question is simpler than you might think. Do you think a business can charge whatever price it wants, to get… Read More »How price of anything is set?
We know economics is all about putting resources to their best use, so we get the most out of it. Economists use a fancy term… Read More »What are the different types of economies in the world and where does the US rank in terms of economic freedom?
Has it ever happened to you while listening to the news that there is some big scary vague thing called the economy that’s just out… Read More »We hear this word so much in news, but what exactly is an economy?
