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 price to commodity. This is the reason why people respond…
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 what he aspires. This is the reason why people face…
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 a relative efficiency. An entity or industry possesses a comparative…
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 that these questions are worthwhile, then, let’s begin to explore…
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, trade can make everyone better off. The essence of trade…
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. The idea of invisible hand was proposed by great economist Adam Smith. He presented…
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 it guides them when and how much to produce and…
Observation, experimentation and generalization are the 3 basic components of research method. Each term plays a crucial role in how researchers and individuals understand and interpret the world around them. Being the foundational components of research method, observation is defined…
Empirical research method is a core part of scientific research that laid the foundation of modern science. This method is used to gain knowledge and understanding of the world around us. It also plays pivotal role in addressing real world…
Hypothetico deductive research is a kind of scientific research method that combines forming hypothesis with Deductive reasoning. It plays very important role in testing theories and hypotheses. Comparative to other research methods, it is more versatile as it is commonly…