Opportunity Costs

By James E Njoroge, M. Sc. (VWL) - Economic Coach, Consultant and Lecturer / August 7, 2023 / Foundations of Economics, Behavioral Economics, Economic Consultancy, Economics

Opportunity Costs Read Post »

One of the most critical concepts in economics is the concept of opportunity costs. It is the most fundamental issue of economics as a social science and explains the decision-making and behavior of economic subjects (or agents). Economic agents are private households, firms, and the government as a public household. While explaining the economic concept of opportunity costs, focus on why people choose to do, consume, or even spend time and resources on what they do. How do you make your choices and decisions? 1. Introduction: Definition of Opportunity Costs How can we define opportunity costs? Opportunity costs are costs […]

Basics of Economics, Costs, decision-making, economic concept, economic lectures, Economics, English, Freiburg im Breisgau, Marginal Rate of Substitution, Marginal Rate of Technical Substitution, mental accounting, non-monetary opportunity costs, opportunity costs, relative advantage, relative costs, specialization, University

Studying Economics in Freiburg

By James E Njoroge, M. Sc. (VWL) - Economic Coach, Consultant and Lecturer / October 27, 2021 / Study in Germany, Economics, Freiburg im Breisgau

Studying Economics in Freiburg Read Post »

Studying economics in Freiburg is a fascinating experience for both locals and international students from all over the world. In this article, I would like to share some experiences and tips on organizing your studies in Freiburg. Why Study Economics in Freiburg? Although the Covid19-Pandemic has changed the university landscape, you might want to enjoy living at the foot of the black forest. You will find a multicultural city called Freiburg, which might inspire you to fall in love with a mix of urban life, suburban and country life, for those who love nature. Before we get lost in the

Albert-Ludwig-University of Freiburg, Economics, Freiburg im Breisgau, Student life, Study Consulting, University

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 Technique of Scientific Writing in Economics

By James E Njoroge, M. Sc. (VWL) - Economic Coach, Consultant and Lecturer / November 21, 2019 / Economic Blog, Freiburg im Breisgau, Scientific Writing

The Technique of Scientific Writing in Economics Read Post »

Since I started training individual students from several economic faculties in German Universities about the technique of scientific writing, they asked me where they could find some inspiration to get an appropriate topic for their Bachelor and Master thesis. Depending on the regulations of your university, the supervising professor or lecturer may suggest a specific topic (area of research). Another alternative, the lecturer may give you handouts as an inspiration (starting point) for your research and expect that you will define your own specific research question and then consult with them to fix the final topic. Before you spend a

Bachelor Thesis, Creative Thinking, Economic Topics, Economics, English, Freiburg im Breisgau, Master Thesis, Mind-Maps, Scientific Writing, Spontaneous Thinking, Student, Student life, Study, Teaching, Technique of Scientific Writing in Economics, University, Writing skills

What is Economics?

By James E Njoroge, M. Sc. (VWL) - Economic Coach, Consultant and Lecturer / October 16, 2019 / Foundations of Economics, Economics, Macroeconomics, Microeconomics

What is Economics? Read Post »

Economics is a social and behavioral science, focusing on decision-makers’ actions in the face of various restrictions and social interactions. It covers microeconomic and macroeconomic levels and governmental policy. This discipline explains rational and irrational behaviors, incorporating principles of maximum output from fixed resources and minimum input for pre-defined outcomes. The study of economics involves sectors such as households, businesses, and government, all making decisions within a defined economy.

Albert-Ludwig-University of Freiburg, Definition, Definition of Economics, Definition of Economy, economic concept, Economic Consultancy, economic lectures, Economics, Economist, Economy, English, Freiburg im Breisgau, Student life, Study, University

Opportunity Costs

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Opportunity Costs

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Studying Economics in Freiburg

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The Technique of Scientific Writing in Economics

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