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Economics

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Supply and Demand

  • Post author:Timea
  • Post published:June 18, 2019
  • Post category:Economics
  • Post comments:0 Comments

Viewed by economists as tools, not a theory. The concept of supply and demand is a way of viewing the world, allowing economists to understand the market and its prices.…

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Income, Saving and Investment

  • Post author:Timea
  • Post published:June 13, 2019
  • Post category:Economics
  • Post comments:0 Comments

An individual can save and invest in order to increase his or her income in the future. A small decrease in consumption today can lead to a much greater amount…

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Entrepreneurship and Competition

  • Post author:Timea
  • Post published:June 11, 2019
  • Post category:Economics
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The entrepreneur is the driving force of a market economy. This is because he creates products, prices and wages. The competition (other entrepreneurs) ensures that the prices aren't too high…

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The Division of Labor and Specialization

  • Post author:Timea
  • Post published:June 10, 2019
  • Post category:Economics
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In direct exchange, people cannot afford to specialize on one task only. They have to do multiple task themselves: get food, water, clothes, build a shelter etc. This gets much…

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Direct exchange (barter)

  • Post author:Timea
  • Post published:February 8, 2019
  • Post category:Economics
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A direct exchange (or barter) occurs when we exchange consumption or producer goods with someone else.* It can be an apple exchanged for an orange or it can be a…

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The Institution of Private Property

  • Post author:Timea
  • Post published:February 8, 2019
  • Post category:Economics
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This is just a short introduction of what we are going to discuss next. In the last lesson, we discussed a one man economy. But what happens in a real…

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One Man Economy

  • Post author:Timea
  • Post published:January 23, 2019
  • Post category:Economics
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For some people it can be almost impossible to imagine an economy when there is just one person. This is caused by people thinking economics is only about money. Truth…

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Economics: purposeful action & preferences

  • Post author:Timea
  • Post published:January 12, 2019
  • Post category:Economics
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Once again we can see that economics is a social science. In economy, we focus on purposeful action. We believe that only individuals can act. Now, why is that -…

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Economics versus natural sciences

  • Post author:Timea
  • Post published:December 14, 2018
  • Post category:Economics
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One of the most basic and crucial distinctions we all make, often without even realizing it, is the difference between purposeful action and mindless behaviour.If I told you I'd give…

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What is and why should you study economics?

  • Post author:Timea
  • Post published:December 7, 2018
  • Post category:Economics
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Economics is an independent science. That does not mean we experiment, calculate and deliver results. It means it is another way to view the world. You will not and cannot…

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