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1. What is Total Factor Productivity (TFP) in Economics?

   Jul 30, 25 04:05 AM

   Total Factor Productivity accounts for the portion of economic output that cannot be explained by the number of inputs used in its production.

2. The Marginal Product of Labor (MPL) in Economics

   Jul 29, 25 05:01 AM

   The marginal product of labor (MPL) refers to the additional output generated by employing one more unit of labor, holding all other inputs constant.

3. What is Marginal Revenue Product in Economics

   Jul 28, 25 04:16 AM

   Marginal Revenue Product quantifies the additional revenue generated from employing one more unit of resource, typically labor or capital.

4. What Are Club Goods in Economics?

   Jul 27, 25 04:27 AM

   Club goods are products that are non-rival, but excludable. For example, membership clubs and online subscription services like Netflix or Spotify.

5. Understanding Sunk Costs in Economics

   Jul 26, 25 04:42 AM

   Sunk costs refer to any past investment of time, money, or resources that cannot be recovered.

6. Understanding Marginal Cost in Economics (Graph, Formula & Example)

   Jul 25, 25 03:27 AM

   Marginal cost refers to the additional expense incurred when producing one more unit of a good or service, and it is widely used in microeconomics.

7. Understanding Average Variable Cost (AVC) in Economics

   Jul 24, 25 04:45 AM

   Average variable cost in economics relates to the cost structure of a firm in the short-term, and focuses on those costs that vary with the level of production.

8. Understanding Average Total Cost (ATC) in Economics

   Jul 23, 25 05:30 AM

   Average Total Cost (ATC) is a key metric in a firm’s short-run cost analysis, it represents the average cost of producing each unit of output.

9. Average Fixed Cost (Graph, Formula, Example & More)

   Jul 22, 25 05:11 AM

   Average fixed cost (AFC) is the fixed cost per unit of output produced. Fixed costs are those expenses that do not change with the level of production.

10. Producer Surplus Explained, with Graphs, Formula, and Examples

    Jul 21, 25 06:00 AM

    Producer surplus is the difference between the payment that a producer is willing to accept for a product, and the amount that they actually receive.

11. Say's Law Explained: How Supply Drives Demand

    Jul 20, 25 08:39 AM

    Say’s law argues that economic production inherently generates the means and willingness to purchase goods i.e., that supply creates its own demand.

12. Cross Price Elasticity of Demand (XED) Explained with Graphs

    Jul 17, 25 01:01 PM

    Cross price elasticity of demand measures the extent to which a change in the price of one product affects the demand for another.

13. Price Elasticity of Supply (PES) Explained with Graphs

    Jul 14, 25 07:01 AM

    Price elasticity of supply, in economics, measures how the quantity of a good supplied by producers changes in response to a change in the good's price.

14. The Supply Curve in Economics, Explained with Graphs

    Jul 11, 25 10:16 AM

    The supply curve is a graphical representation of the relationship between the price of a good or service and the quantity that producers are willing to supply.

15. Income Elasticity of Demand (YED) Explained, with a Graph

    Feb 20, 25 12:59 PM

    Income Elasticity of Demand is defined as the responsiveness of the quantity demanded of a good, by consumers, to changes in consumer income.

16. Price Elasticity of Demand (PED) Explained with Graphs

    Feb 16, 25 01:29 PM

    The price elasticity of demand relates to a product (a good or service) and its demand sensitivity to changes in its price.

17. Consumer Surplus Graph, Formula & Theory

    Jan 31, 25 01:11 PM

    Consumer surplus originates from Marshallian demand theory, and it best explained with the use of a graph. Click here for full details.

18. The Demand Curve in Economics (Types, Slope, Shifts, & Examples)

    Jan 31, 25 01:09 PM

    A demand curve for a product represents the combinations of price and quantity that will emerge from a market when consumers choose how to spend their money.

19. What is Derived Demand in Economics?

    Jan 31, 25 01:09 PM

    The term ‘derived demand’ relates to the demand for a product or input that stems from the demand for something else. The demand for labor is a good example.

20. The Linear Demand Curve Explained (with a Graph)

    Jan 31, 25 01:09 PM

    A linear demand curve is a type of demand curve in economics where the relationship between price and quantity demanded can be represented by a straight line.

21. The Inverse Demand Function (Formula, Graph, & Example)

    Jan 31, 25 01:08 PM

    The inverse demand function is commonly used by firms that have significant market power i.e., enough that their output choices impact market prices.

22. The Long Term Debt Cycle Explained

    Jan 18, 25 05:22 AM

    The long term debt cycle is explained by Ray Dalio in his free book 'Principles for Navigating Big Debt Crises', but is it any good? Click here to find out.

23. Market Failure; Understanding Market Forces & Efficiency

    Nov 25, 24 08:41 AM

    There are various types of market failure in the efficient functioning of the economy, and their causes are many. Click here for clear explanation and examples.

24. The Tragedy of the Commons in Economics

    Nov 25, 24 08:37 AM

    The tragedy of the commons describes a situation in which individuals, acting in their self-interest, deplete a community’s shared resource.

25. Public Goods in Economics, Explained

    Nov 25, 24 08:35 AM

    Public goods are characterized by being both 'non-rival' and 'non-excludable', meaning that private markets cannot provide them efficiently.