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...
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
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 and Allocative Efficiency
Learn how externalities, public goods, imperfect information, and market power prevent markets from reaching allocative efficiency.
Economic Growth: Actual, Potential, Sustainable, and Inclusive Growth
Learn how actual, potential, sustainable, and inclusive growth explain GDP, living standards, tradeoffs, and long-term development.
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...
