Demand in Economics

By James E Njoroge, M. Sc. (VWL) - Economic Coach, Consultant and Lecturer / December 9, 2021 / Foundations of Economics, Behavioral Economics, Economics, Markets, Microeconomics

Demand in Economics Read Post »

Demand in economics refers to the quantity of a good that consumers wish to consume under certain conditions. Price levels, income, consumer preferences, and market structures influence it. Economics students must understand the nature of individual household demand and aggregate market demand and its implications in various market situations such as monopsony, oligopoly, and perfect competition. Price and income elasticity, optimality conditions, and social interactions are crucial in shaping demand.

Demand, Individual Demand, Laws of Demand, Market Demand, Monopsony, Oligopoly, Perfect Competition

Production Technology in Economics

By James E Njoroge, M. Sc. (VWL) - Economic Coach, Consultant and Lecturer / November 12, 2021 / Foundations of Economics, Business Administration, Economics, Macroeconomics, Mathematics, Microeconomics

Production Technology in Economics Read Post »

Production technology in economics refers to the sum of all knowledge and capabilities of the society to combine scarce resources to produce final goods for consumption. This concept covers all industrial processes and exchanges within the value chain. The production function is the mathematical interpretation of production technology. Important concepts include the return to scale, the marginal product of inputs, and the change of marginal productivity. These concepts are also applied at both microeconomic and macroeconomic levels. The understanding of production technology requires some mathematical background.

Change of Marginal Product of Inputs, Economics, Inputs, Macroeconomics, Marginal Product of Inputs, Marginal Rate of Technical Substitution, Microeconomics, opportunity costs, Outputs, Production function, Production technology, Return to Scale of Inputs

Rational Decision under Uncertainty

By James E Njoroge, M. Sc. (VWL) - Economic Coach, Consultant and Lecturer / November 8, 2021 / Foundations of Economics, Behavioral Economics, Economics, Economics of Pandemics, Health risks, Leadership and Management, Personal Finance

Rational Decision under Uncertainty Read Post »

How would an individual make a rational decision under uncertainty? This article explains how economists characterize decision-making under uncertainty. Economic models always focus first on decisions under certainty and then introduce uncertainty later in the learning process. The focal point here is how this affects the rationality of agents’ decisions to use scarce resources. 1. Introduction to Rational Decision under Uncertainty We are all faced with daily situations where we have to make decisions that will lead to different outcomes immediately or later. Such decisions occur under uncertainty of results. Economic theory explains this problem in the models of decision-making

Certainty Equivalent, Expected Value, Fair Insurance, Fairness, Insurance Premium, Rational, Rational Decision, Risk, Risk Premium, Uncertainty, Unfair Insurance

Scarce Resources in Economics

By James E Njoroge, M. Sc. (VWL) - Economic Coach, Consultant and Lecturer / November 4, 2021 / Foundations of Economics, Economics, Globalization, Macroeconomics, Microeconomics, Sustainability

Scarce Resources in Economics Read Post »

What are the scarce resources in economics, and why should society understand what they are? In your economics class, students should clearly understand the concept of scarcity and how it relates to economics. All the students want to know is why labor, capital, natural resources, human capital, and all other forms are scarce in all economies or the world. Time is also a scarce resource captured by labor, natural resources, wealth, and human capital investments. 1. What are Scarce Resources in Economics? So what is the meaning of scarce resources? Scarce resources in Economics are all kinds of inputs of production processes needed by

Capital, Economics, Human Capital, Labor, Natural Resources, Resources, Scarcity, Sustainability, Time, Wealth

Motives of Money Demand and Supply

By James E Njoroge, M. Sc. (VWL) - Economic Coach, Consultant and Lecturer / November 3, 2021 / Macroeconomics, Economics, Foundations of Economics, Monetary Economics

Motives of Money Demand and Supply Read Post »

What are the motives of money demand and supply? Most of us participate daily in the money market as demand or even as suppliers without perceiving it. So why do we hold or withdraw money? Let us dig deep into the questions surrounding the functions of money and the motives of money demand in this article. Let us start by defining what money is. What is Money and its Funktions? Whoever wants to understand what money is should first look at the functions of money. Much of macroeconomic literature explains the money functions using three phrases: Learn how to describe

Bank of England, Banking, Central Banks, Economics, European Central Bank, Financial Markets, Functions of Money, Macroeconomics, Microeconomics, Monetary Policy, Monetary Theory, Money, Motives of Money, US Federal Reserve

Synergy between Health and Economics: Oil-Price-Crash or Corona-Crash

By James E Njoroge, M. Sc. (VWL) - Economic Coach, Consultant and Lecturer / March 13, 2020 / Economic Blog, Behavioral Economics, Economics of Pandemics, Financial Markets, Foundations of Economics, Global Crises, Globalization, Health Economics, Macroeconomics, Markets, Microeconomics

Synergy between Health and Economics: Oil-Price-Crash or Corona-Crash Read Post »

Health shocks can also cause economic shocks (ceteris-paribus). The coronavirus pandemic is one of the health shocks that might unravel another global economic shock. Why is that the case? Fact number one, health is a basic human need. Consequently, the satisfaction the health needs requires human decision-making in all economies. Decision-makers face the challenge of managing the synergies between health and economics amid a health shock. How is the Scenario?

Corona-Crash, Coronavirus, COVID-19, Economic Research, Economic Shocks, Economics, English, Financial Crisis, Financial Markets, Global Economy, Global Health Shocks, Globalization, Health, Health Economics

Understanding Macroeconomic Policy Objectives: Magic Square and Hexagon Explained

By James E Njoroge, M. Sc. (VWL) - Economic Coach, Consultant and Lecturer / February 21, 2020 / Economic Blog, Behavioral Economics, Foundations of Economics, Macroeconomics

Understanding Macroeconomic Policy Objectives: Magic Square and Hexagon Explained Read Post »

Six macroeconomic policy objectives exist in an economy that are systematically pursued. These six objectives are symbolized by the magic square and the magic hexagon frameworks, which encapsulate the national economy’s four quantitative and two qualitative goals. The overarching intention of these economic policy measures is to optimize the overall societal and economic welfare of the economy. This framework categorizes and prioritizes the diverse economic policy goals and measures essential for achieving a balanced and prosperous economy. Much of macroeconomic analysis focuses on the four quantitative goals, but the analysis of qualitative macroeconomic objectives has gained momentum as climate change

Basics of Economics, economic lectures, Economic order, Economic welfare, English, magic hexagon, Magic square, Qualitative macroeconomic policy objectives, Quantitative macroeconomic policy objectives, Social welfare

What is Econometrics?

By James E Njoroge, M. Sc. (VWL) - Economic Coach, Consultant and Lecturer / January 10, 2020 / Econometrics, Foundations of Economics, Scientific Writing

What is Econometrics? Read Post »

Econometrics is part of the economic as a science, which deals with the statistical (empirical) modelling of economic theories (hypotheses) in order to explain, confirm or disprove economic theory empirically.

Albert-Ludwig-University of Freiburg, causality, data analysis, data analyst, Econometrics, economic models, economic theory, empirical models, empirical research, English, exam preparation, External Validity, hypothesis, internal validity, inverse causality, statistics, tutoring, University

The Bridge between Leadership and Management

By James E Njoroge, M. Sc. (VWL) - Economic Coach, Consultant and Lecturer / October 25, 2019 / Business Administration, Economic Blog, Foundations of Economics, Leadership and Management

The Bridge between Leadership and Management Read Post »

You are a leader! Leadership and management skills are the fundamentals of social and organizational behavior.

business management, charismatic leadership, inspirational leadership, leadership, management, organization, role of management, servant leadership, social arrangements

Demand in Economics

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Production Technology in Economics

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Rational Decision under Uncertainty

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Scarce Resources in Economics

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Motives of Money Demand and Supply

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Synergy between Health and Economics: Oil-Price-Crash or Corona-Crash

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What is Econometrics?

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Foundations of Economics

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