Rising prices of goods and services is an aspect that is hated by consumers the most. This is because it takes away the purchasing power of the consumer. Since an economy is nothing without the consumers, the economists make predictions in a certain way that excludes essential goods and services. What is Core Inflation? Inflation …
Economics is such a dynamic and comprehensive discipline that proposing a new business practice can shake up the entire economic model of a nation, especially in a capitalist community. Although the free market is generally a positive aspect for both the companies and customers, it can promote unethical practices like monopoly. What is Monopoly? When …
With so many variables in economics, it isn’t surprising that the financial scene of a community or even a nation is constantly changing. If economists are paying close attention to the trends, such changes can even be predicted. Yet, sometimes, nations fail to battle the financial fluctuations even with an accurate prediction. What is HyperInflation? …
Trading goods and services in exchange for money or products are among the earliest form of conducting business. Humans have relied on this exchange for ages. In all of humanity’s history, most businesses have been owned privately, and for very good reason, as interference by the authorities only makes it complicated for both seller and …
It doesn’t matter what aspect of life we consider, a planned system is essential for efficiency. When it comes to the economy, different economists in the past have theorized different systems. While each one brings a unique approach to the community, these do so with downsides as well. It should also be noted that each …
Economics is one of the most dynamic studies, as it changes rapidly, and at times can be hard to predict. This is because economics depends on various factors, such as the production, distribution, and consumption of goods. Moreover, it is divided into two major categories; macroeconomics and microeconomics, where the former works on a large …
In ancient times, each human did every essential thing for survival on their own, such as growing their own food and building houses. This was before the diversification of society based on different skill sets. Presently, we purchase different goods or services with money. Exchanging goods and services for a set amount of money is …
It is hardly a surprise that in modern times keeping statistics and predicting the impact of various fields in a nation is essential to ensure that it continues to develop smoothly. Interestingly, it wasn’t until the 1700s that this concept was materialized by a Scottish philosopher Adam Smith in the form of economics. Presently, there …
Economics is an integral part of our society. It is a discipline that enables us to understand and observe our growth statistically, while also allowing us to predict the future in terms of finances and productivity. Economics is fundamentally divided into two categories; macroeconomics and microeconomics. As the name suggests, macroeconomics studies trends on large …
For centuries, humanity has been trying to come up with the ideal structure or methodology to successfully run a community, in which every individual agrees with the governing body and vice versa. While all the ideologies and planning appear flawless on paper, these begin to crumble as soon as they are implemented in the real …