Regarding economics, researching and lecturing economists often use two terms interchangeably – competitive and complete markets. While both these markets
Category: Basics of Economics
Learn basic economic theories and applications with us.
Preferences and Utility Theory
Preferences and utility theory are the essential building blocks of explaining the behavioral decision-making of households in economic theory. Therefore,
Elasticity in Economics
What does elasticity mean in economics? Elasticity in Economics is an essential concept that economists should master. Elasticity in Economics
Demand in Economics
What does demand in an economy mean? Why should we understand the demand factors in an economy? Students learning economics
Production Technology in Economics
What is the meaning of production technology in Economics? Are you stranded in the production theory and are looking for an easy entry
Rational Decision under Uncertainty
How would an individual make a rational decision under uncertainty? This article explains how economists characterize decision-making under uncertainty. Economic
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