Price discrimination is a way that companies can make more money by understanding how much different consumers will pay for the same good. Here's how it works.
Do you ever forget the difference between nominal and real? Do you wonder why financiers analyze Yellen's words like a text from a crush? If so, this is the article for you!
You may hear the terms horizontal and vertical integration tossed around in business (Businesspeople love fancy strategy terms). Learn how Standard Oil used integration to become a monopoly and how one might benefit from integration today.
Indifference curves are not graphs of who cares less, rather, they show different combinations of goods that can give a person a certain level of utility, or well-being.
Does this man look like he is substituting or complementing these apples? Trick question: apples are inanimate, and can't be complimented.
Did you know that higher gas prices might be better for us all? Industrialism is great, but creates negative externalities, such as pollution. Pigovian taxes reduce negative externalities and aim to also reduce distortionary taxes, like income tax. Win-win!
When you're rolling in cash (or broke as a joke), how does your behavior change? The income and substitution effect explain reactions to almost any change in price or income.
From production functions to early childhood development, human capital is a recipe for success. Learn about its applications, implications, and determinants.
A lesson in how not to create taxes, and explanations about a few kinds of taxes. Fun fact - a progressive tax is not a tax "favoring social reform", as the word "progressive" might imply.
You have died of dysentery! Wait. Not that kind of frontier... The production possibility frontier shows different trade-offs in production.
Inequality is quite the hot topic these days, and one of the best ways to measure it is the Gini Index. The Gini index was created by Corrado Gini in...
When evaluating proposed or existing policy measures, economists & government officials typically aim to improve the lives of others. The objective of any given tax, welfare, or law change...