What are the fundamentals of Microeconomics? First, we need to define Microeconomics, a general branch of economic theory that analyzes
Tag: Economics
Opportunity Costs
One of the most critical concepts in economics is the concept of opportunity costs. It is the most fundamental issue
Democracy and Autocracy
Explore the characteristics of democracy and autocracy, comparing their advantages and disadvantages. We examine the impact of these systems on
Competitive and Complete Markets
Regarding economics, researching and lecturing economists often use two terms interchangeably – competitive and complete markets. While both these markets
Preferences and Utility Theory
Preferences and utility theory are the essential building blocks of explaining the behavioral decision-making of households in economic theory (Microeconomics).
Social Order in Society
Social order in society appears in many forms, scopes, structures, and dimensions (e.g., economic, social, political, legal, technological, and ecological). As