Latest Articles:

1. The Production Function in Economics

   Dec 17, 22 04:35 PM

   The production function in economics provides us with a formula for calculating how to combine inputs to produce goods and services.

2. The Consumption Function Formula Explained

   Dec 13, 22 03:52 PM

   The consumption function formula is a simple adaptation of the equation of a straight line. Click here for details.

3. The Saving Function in Economics (Formula & Graph)

   Dec 13, 22 03:51 PM

   The saving function in economics arises from Keynes' consumption function for a simple economy with no government or foreign trade. Click for details.

4. The Law of Diminishing Returns

   Dec 09, 22 06:23 PM

   The law of diminishing returns in economics relates to the extra output that a firm gains from increasing one of its factors of production.

5. Opportunity Cost in Economics

   Nov 25, 22 03:26 PM

   Opportunity cost in economics refers to the cost of one thing in terms of the next best thing that is given up in order to get it.

6. What is Pent Up Demand in Economics?

   Nov 21, 22 08:51 AM

   Pent Up Demand arises when consumers are prevented, for whatever reason, from spending at their desired rate. It leads to accelerated spending later on.

7. The Bullwhip Effect in Supply Chain Output Explained

   Nov 21, 22 03:04 AM

   The Bullwhip Effect in economics refers to a situation where an economy is in crisis and its supply chain experiences rapid swings in output.

8. The Production Possibilities Curve (Frontier) Explained

   Nov 17, 22 03:09 AM

   The Production Possibilities Curve is a concave curve that illustrates all of the maximum output combinations of two goods. Click here for details.

9. Economies of Scope Explained

   Nov 17, 22 03:06 AM

   Economies of scope in an industry may exist if it cost effective for a firm to switch between production of multiple related products.

10. Minimum Efficient Scale Explained (with Examples & Graph)

    Nov 17, 22 03:04 AM

    The minimum efficient scale in economics relates to the smallest amount of output that a firm can produce while still optimizing its economies of scale.

11. The Short Run & Long Run Average Cost Curve (SRAC & LRAC)

    Nov 17, 22 03:03 AM

    The short run average cost curve, and long run average cost curve, both help to illustrate efficiency concepts in economics. Click here for details.

12. Economies of Scale Explained (with Examples)

    Nov 17, 22 03:03 AM

    Internal and/or external economies of scale exist for an industry when there are cost advantages to be gained from increasing production.