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.
Who doesn’t like to see some extra money in their savings without having to sacrifice their living standard? Saving is the money left after subtracting… Read More »Some ways to save money and cut expenses
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?
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?
A lot of people think economics is all about money, banks, complicated graphs, and mathematical modeling, but truly speaking it is much more interesting than… Read More »What is economics and why should I learn it?
