Rules Of Active And Passive Voice
Here, I’m going to answer — What does voice mean? What are the rules of active and passive voice? How to form passive voice? To get the answers of these…
People respond to incentives
In market, prices of commodity consumers want determine the demand of given commodity. Because, more the prices, lesser the demand due to no willingness or ability to pay the rising…
People face trade offs
Nothing is infinite on this planet. Hence, scarcity, choices, and bargaining are permanent in our day-to-day economic activities. Practically, no one can produce everything he needs, nor does he consume…
Importance of comparative advantage
Comparative advantage is a fundamental concept in microeconomics. It explains how individuals, businesses, and nations can benefit from specializing in the production of goods and services in which they have…
Correct use of When And If Conjunctions
Both “when and if” conjunctions are subordinating conjunctions. They introduce dependant adverb clause of time and condition. "When" forms adverb clause of time, while "if" is well known in conditional…
When and while conjunctions of time
“When” as a subordinating Conjunction of time is used to indicate specific time of events. Whereas, “while” conjunction express a continuous time in which two actions happen simultaneously. The basic…
Explaining the concept opportunity cost
How are opportunity cost and comparative advantage interlinked? What is mean by opportunity cost? How does opportunity cost influence decisions? Why are they important for free trade? If you think…
Trade can make everyone better off
It is widely accepted proposition that trade always fuels business activities, empowers consumers to desire more, generates more jobs, saving, and overall living standards. In other words, at both ends,…
The idea of invisible hand
The ability of free market to recorrect its failures and maintain reasonable equilibrium in the absence of much interventions are called the idea of invisible hand proposed by Adam Smith.…
The law of demand and supply
In economics, the law of demand and supply is the most fundamental law that helps to determine the prices of commodities. It is useful for both producers and consumers as…