Readers Question: Could you differentiate between micro economics and macro economics? Microeconomics is the study of particular markets, and segments of the economy. It looks at issues such as consumer behaviour, individual labour markets, and the theory of firms. Macro economics is the study of the whole economy. It looks at ‘aggregate’ variables, such as …
Economics is concerned with the optimal distribution of scarce resources within society. For example, economics is concerned with how individual decisions like how firms produce goods and which goods people buy. An important element in economics is concerned with the extent to which governments can intervene in the economy to improve economic welfare. Economics is …
Laissez-faire economics is defined as a situation with minimal government intervention. Under laissez-faire, governments and regulators ‘leave alone’ private firms to allow them to make decisions about production and output. In particular, laissez-faire involves zero / minimal government intervention on issues such as regulation, taxes and tariffs. Comparison between Laissez-Faire economics and social democracy Origin …
Behavioural economics is a branch of economics that seeks to understand the motivations and reasons behind individual decisions. Rational choice In traditional economics, there is a very basic assumption that individuals are rational utility maximisers. i.e. firms seek to maximise profits; workers seek to maximise income and levels of consumption. (see – rational economic man) …
Stand-up economist at Caroline'sWatch this video on YouTube Economics is not renowned for being a bundle of laughs. However , there are quite a lot of good Economics Jokes. I particularly like the top 8 reasons to study Economics Economics Jokes Q: Why did God create economists? A: In order to make weather forecasters look good. …
Increasing the rates of economic growth has long been the holy grail of conventional economics and politics. To a large extent, most developed economies have been highly successful in increasing economic output. But, has such an impressive increase in national output actually improved people’s standard of living? To decide whether economic growth has increased happiness …
Economics combines elements of both science and art. Economists try to develop analytical mathematical models which seek to explain economic behaviour in a way that can be theoretically proved. For example, working out the elasticity of demand through using calculus. In macroeconomic models, there are many models which seek to explain macro variables such as …
It is getting close to the summer exams, and one reader asked if I had any tips for memorising information. Some things that worked for me Read then close book. I used to read a book, then close and try to remember was is in the closed book. If I couldn’t remember, I’d check and …