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…
Understanding attitude
The concept of attitude is not easier to digest considering its multiple explanations and approaches. Some define it as a ways of thinking and behaving; whereas others claim it as…
Components of personality
What makes a person different and unique from others in terms of ideas, feelings, behaviour, thoughts, is called personality. No person can be exactly same. Each one had a different…
Social perspective of psychology
Social perspective of psychology is a kind of approach to study and investigate how, and what extent the behaviour, mind or mental processes are affected by the external social environment.…
Belief system and opinion
Believing on the basis of one's experiences or assumptions is a human tendency that eventually creates a set of convictions that we call belief system. And, this is the belief…
Understanding psychology
Why does psychology need so many approaches to study? May be it is so dynamic considering its field of study. It is a discipline that studies human mind, behaviours, and…
Goals of Psychology
Actually, everyone is so curious to unfold the mysteries of minds one have in the specific situation. We know that mind is so complex factory of mental processes vital to…