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The Mundell Fleming Trilemma presents a series of macroeconomic policy combinations that a government may wish to pursue, but each option comes at a cost.
Continue reading "The Mundell Fleming Trilemma & The Impossible Trinity"
Economics has been labelled the 'dismal science', but it's actually a fascinating subject. Unfortunately, our key policymakers have applied it very poorly...
The Circular Flow Model uses one of the most well-known diagrams in economics to illustrate how income & expenditure circulate through an economy.
Continue reading "The Circular Flow Model in Economics Explained (with diagrams)"
The business cycle, sometimes called the economic cycle, refers to the boom bust cycle that has plagued economic growth in the modern world. But what causes it?
Continue reading "What is the Business Cycle in Economics? (Causes & Controversies)"
The principle of comparative advantage in economics explains why there is always the potential for mutual gains from trade between two countries.
Continue reading "Comparative Advantage in International Trade Explained"
The costs of production in economics are often arranged into short-run and long-run models, with the variability of capital being the dividing line.
Continue reading "Costs of Production Explained (Short-Run & Long-Run)"
What is Inflation and why is it bad? This is a common question in economics and most people don't really have a good grasp of it, so here's my explanation.
The Isocost line, sometimes called the isocost curve, is a long run graph that shows all possible combinations of labor and capital for a given total cost.
An Isoquant curve shows different combinations of capital and labor that a firm can use to produce a given amount of output.
Productive efficiency refers to the efficient use of the inputs used to create goods & services i.e., land, labor, capital, and enterprise.
Continue reading "What is Productive Efficiency in Economics?"
The user cost of capital refers to the ongoing cost that a firm faces if it wishes to maintain a desired amount of capital stock.
A variable input is a factor of production that can be increased or decreased within a given timeframe. Typically, only labor is variable in the short-run.
A fixed input is a factor of production that cannot be increased or decreased in the short-term. Typically, this applies to all inputs except labor.
In economics, the expansion path is a concept that relates to the growth of a firm, and how it increases its inputs to create more output.
There are three main types of economic efficiency, relating to production, allocation, and timeframe. Economic inefficiency results in market failure.
Continue reading "Economic Efficiency Explained (Types & Models)"