Ask an Economic Question

You are welcome to ask any questions on Economics. Though you might also like to try google custom search (top right) to see if the topic has been covered before.

I am looking to explain economic principles / ideas/ recent developments in economics. I can’t promise to answer, but will try if it meets the criteria below.

  • Please don’t ask me to do your coursework / assignment e.t.c. (I can usually tell if it is a homework question!)
  • Please don’t ask any maths calculations.
  • The question and answer will be published here where everyone can see it (including your teacher!)
  • I aim to try and simplify economics; as a rough guide I would aim at an understanding similar to a good British A Level student.
  • I am looking to explain economic principles / ideas/ recent developments in economics.
  •  I will answer as a new post, if you leave email address, I’ll usually send quick email. Check home page of blog for new post. With question and answers

Add comment at bottom of post.

mail(at)econoimcshelp.org

2,439 thoughts on “Ask an Economic Question”

    • Good morning,
      In the beginning I would like to thank you for this wonderful site,
      My question about unemployment rate
      Some reference consider unemployed as who in working age and can not find a job
      Others consider unemployed who can not find a job and willing and active about finding a job
      How do you see this difference in consideration?
      Regards,

      Reply
    • Economics started out as a branch of politics, formerly known as political economy. The main reason for this is that they were linked in the notion that political societies and economies could be referred to in the same sense as ‘families’ as stated in Jean Jacques Rousseau’s book “Political Economy.” An economy is a body of parts which work together to produce output. A political society is a body of parts which work together to make decisions. Just like a family where different people in the household serve different functions to ensure the household is fully working.

      Since political societies and economies have the same domain, that is, they both use the same people ie. citizens of the state, these citizens must work together to ensure that both their political system is working as well as their economy. However, sometimes these both are inextricably linked. A political decision by an individual in that society cannot just be isolated to politics, but it will have impacts on the economy, too. For example, let us say that the politician decides to restrict immigration for ideological purposes. However, this has economic impacts, simply restricting the supply of labour for firms in the economy.

      Another example is that if Britain engages in a trade deal with China for economic reasons, the USA will get annoyed because China is a political foe and they could put pressure on Britain.

      Economics has been turned into a mathematical science from the past 80-odd years. Whilst it is useful to analyse how utility may be maximised by rational individuals using these models, they cannot be isolated from the political world which consists of sociological and psychological complexity which affects utility maximisation.

      Reply
  1. is there any benefits by government to privatized some of its property or sectors. what are the benefits?

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  2. Slow the COVID numbers down and start Returning back to normalcy life, in-person and reopening montgomery county and recreation & senior centers, Sports activities, large family gatherings, personal services, Malls & Stores, Employment & Jobs, Religious Facilities, Live Entertainment. Returning back to all cities, countries and all states around the world. reopening your small businesses and economy recovery.

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  4. Hi. I have an assignment and do not know how to deal with this question. Can you help me?
    Why do countries like the United States, Germany, and Japan all seem to be converging to the same level of per capita GDP?
    Could the economy continue growing forever solely by accumulating more capital?
    Why don’t all countries converge to the same level of per capita GDP as the United States, Germany, and Japan?
    Explain.
    Thanks so much

    Reply
  5. If the social cost of producing a good is higher than the private cost then: *

    A.The price of the good or service is too high
    B.The good or service is a public good
    C.The production of the good or service should be subsidized
    D.The price of the good or service is too low

    Reply

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