Posts published in “MICROECONOMICS”

The four basic economic systems that exist in the modern economy include Centrally Planned Economy, Market Economy, Mixed Economy and Traditional Economies.

This article is about Price Elasticity of Supply (PES). Price Elasticity of Supply (PES) measures how a change in price affects quantity supplied.

This article is about Promotional Elasticity of Demand (AED). It measures how a change in amount spent on promotion affects quantity demanded.

This article is about Cross Elasticity of Demand (CED). It measures how a change in price of one product affects the quantity demanded for another product.

This article is about Income Elasticity of Demand (YED). Income Elasticity of Demand (YED) measures how a change in income affects quantity demanded.

This article is about Price Elasticity of Demand (PED). Price Elasticity of Demand (PED) measures how a change in price affects quantity demanded.

This article is about supply. It shows The Supply Curve and helps to understand that a rise in price will lead to a rise in supply.

This article defines a market and demand. It shows The Demand Curve and explains the relationship between price and demand by showing changes in demand.

Market failure is when markets fail to achieve the most efficient allocation of scarce resources to meet the market demand.

This article introduces the concept of Production Possibility Frontier (PPF) as well as shows the Production Possibility Frontier (PPF) diagrams.

One of the anticompetitive practices that businesses use is the creation of monopolies. A monopoly is when one company dominates the market.

Money is a generally accepted means of exchange. Money is essential for the smooth exchange of goods and services in markets between sellers and buyers.