Economics

What is Economics?

what is economics

Economics is the study of making the best use of a society’s (economy’s) scarce resources. This ensures the society is better off.

This means economics is also about decision making.

Decisions are made by consumers and producers when buying and selling products.

Now to learn more, access the free business resources and low cost business tutorials.

17

Oct'18

Introductory Microeconomics Questions

These introductory microeconomics questions and answers will help you with your accounting study so you succeed. Move through the microeconomics questions and answers in order, so you go through the important introductory concepts in sequence. Take advantage of the links to the low cost tutorial topics with videos and quizzes so …

Read More

09

Apr'18

What is Gross Domestic Product?

What is Gross Domestic Product? What is Gross Domestic Product or GDP is a fundamental question for macroeconomics students. Gross Domestic Product or GDP is the the usual measure for production in an economy. GDP is a measurement for the production of goods and services at the final market price to …

Read More

09

Apr'18

Introductory Macroeconomics Questions and Answers

These introductory macroeconomics questions and answers will direct you to more resources to help in your study of macroeconomics. Introductory Macroeconomics Questions and Answers Hopefully these introductory macroeconomics questions and answers have helped you understand this important topic.

Read More

09

Apr'18

What is the Circular Flow of Income Model?

What is the Circular Flow of Income Model? The Circular Flow of Income Model is often used to show the key macroeconomic relationships of income, expenditure and production are derived. The model illustrates how income, expenditure and the physical goods and services flow around the economy. The model in its …

Read More

03

Apr'18

What is Price Elasticity?

What is Price Elasticity? Price elasticity is the degree to which quantity is changed by price movements. Price elasticity is about the demand and supply quantity movements in a good or service market from  price movements. For some goods and services consumers will be reluctant to change their purchase habits for …

Read More

19

Mar'18

What is Demand and Supply?

What is Demand and Supply? Demand and supply is a fundamental concept in economics. In a market, the forces of demand and supply interact to create the ‘price mechanism‘. This is the way a market economy works. Demand comes from the buying (consumer) side of a market, whilst supply is …

Read More