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 location without changing what it is. Classification of Goods Because so many things can satisfy our wants, and...Read More

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 the behaviours of these actors, and the relationship is between supply, demand, and equilibrium. Microeconomics, according to Investopedia,...Read More

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 theory is Keynesian in nature, meaning that most of the ideas and behaviors of markets are explained by...Read More

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 make the decisions they do. According to Investopedia, “economics is the study of how people, businesses, and countries...Read More

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 it is used in business and the world. Definition & Applications Opportunity cost is weighing the costs and...Read More

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 supply, because the demand still stays the same, allocating resources in a proper distributive manner is extremely important....Read More