By Aidan Hackett. Edited by Arjun Chandrasekar. Overview Goods are items that satisfy human wants and provide utility. The key distinction between a good and service is that a good is transferrable, meaning that it can move...
By Aidan Hackett. Edited by Arjun Chandrasekar. Overview Microeconomics is the study of interactions on a small scale – the hint is in the name. By analysing the way consumers and producers interact, microeconomics aims to understand...
By Aidan Hackett. Edited by Arjun Chandrasekar. Overview The law of demand is incredibly simple on the surface level, positing that “there is an inverse relationship between price and quantity demanded.” The opposite of supply-side theory, this...
By Arav Talati. Edited by Arjun Chandrasekar. Overview The supply and demand relationship is the correlation between the quantity of a commodity that producers sell at different prices and the amount of the product that consumers wish...
By Puja Shah. Edited by Arjun Chandrasekar. Overview When doing things, people normally have a reason for doing so. This greatly affects the economy so economists have come up with theories to attempt to explain why people...
By Puja Shah. Edited by Arjun Chandrasekar. Overview Often overlooked, but crucial to use when making decisions, this article will introduce you to opportunity cost so that you can incorporate it into your decision-making and see how...
By Arjun Chandrasekar. Overview Scarcity, one of the most common terms in economics, is basically when a certain product or service is limited in quantity, so it’s very scarce in the market. With the limited amount of...
