Category: Foundations of Economics
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Foundation of Economics: Demand and Demand Curves
Demand (along with Supply) is most likely the first thing that comes to mind when thinking about economics. In Microeconomics, demand is defined as the overall willingness and ability of the market to purchase certain goods and services at various prices. We can describe the behavior of demand through the…
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Foundations of Economics: Supply and Supply Curves
Supply is usually the harder of the two major microeconomic forces to understand for the simple fact that most people find it to envision themselves as suppliers. In Microeconomics, Supply is defined as the market’s willingness to supply goods and services at various prices. Perhaps the best way to understand…
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Foundations of Economics: Scarcity & Allocation Methods
Scarcity, the fundamental challenge faced by individuals, businesses, and governments, is at the core of economic decision-making. It permeates our daily lives, shaping how we choose to allocate our limited resources to satisfy our boundless desires. From the microcosm of individual preferences to the macrocosm of global economies, the concept…
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