For many years, Economists have pondered over the central problem of Economics. If this is your first time hearing the questions, you may think that these problems are easy to solve. However, for those of us who have a...
Category - Economics
The economics category is designed to provide students with a solid foundation in the principles and practices of economics. This category includes articles, tutorials, and resources on a range of topics, including microeconomics, macroeconomics, international economics, and more.
Akshay Dinesh
Inflation and Deflation
Many of us have a clue about the concept of inflation and deflation. After all, there were many instances in history where hyperinflation has spelt trouble in society. This includes the hyperinflation of the Hungarian...
Unemployment
We often hear the term “unemployment” in the news. Most of us have a general idea of what unemployment is but are not aware of the economics behind it. Today, we will be discussing the concept of unemployment, together...
Market Failure: Government Intervention
Now that we understand the concept of allocative inefficiency and the causes of market failure, we can discuss the ways in which the government can step in to minimise the effects of market failure. The government can...
Market Failure: Allocative Efficiency
Understanding how demand and supply work, we now can have a look at how effective markets are when we let the demand and supply lead the market. However, the free market may not always result in the most effective...
Economic Growth
We often hear the term “economic growth” when discussing economics. Personally, I have been hearing this term for many years, especially on the news, without understanding what it means. As such, I hope that you will...
Elasticity
Now that you have understood how demand and supply work, it is crucial for us to discuss the concept of elasticity. Elasticity helps us gauge producers’ and consumers’ responses in a free market...
Standard of Living
When it comes to comparing two countries, we usually think about the standard of living in both countries. Well, I hail from the economically prosperous land of Singapore. Hypothetically, if I were to move to another...
Demand and Supply: The Price Mechanism
When we talk about economics, the first thing that comes to mind is usually the demand and supply of the market. Why are demand and supply significant in the study of economics? Well, it determines the prices of goods...
The Great Depression: The Global Economic Crisis that Shaped the 20th Century
Whenever we mention how far the global economy has come today, we cannot leave the Great Depression out of our discussion. This is because it was the greatest economic decline ever experienced in history. It majorly...
