Let’s take a look at the types of competition in three different types of markets: perfectly competitive, oligopolistic and monopolistic.
Posts published in “THE ECONOMY”
The government can reduce inflation via monetary policy, fiscal policy or exchange rate policy. These are the major counter inflation policies.
This article defines inflation. It explains how inflation is measured. Also, it describes the pattern of inflation in the UK in recent years.
This article is about short-run diminishing returns. It defines the concepts of short-run and long-run in Economics and explain the differences.
Here are situations where the market system can fail from provision of demerit goods and merit goods. Government interventions might be necessary.
This article identifies situations where the market system can fail causing market failure: prices too high, when prices too low, fluctuations in price.
This article describes interrelationship between markets. It defines joint demand, competitive demand, derived demand and joint supply.
This article describes the four basic functions and forms of money. It also explains the main measures of the money supply.
Monetary policy is concerned with the money supply to the economy, interest and the amount of credit available to households and firms.
This post describes the difference between income and wealth. It outlines basic problems of unfair and unequal distribution of income.
Cost Benefit Analysis (CBA) is a method which attempts to evaluate the social costs and benefits of a proposed economic activity.
This post is about costs and benefits – both private costs and social costs, and private benefits and social benefits. It also defines the term externalities.
What is an economy? What are three basic economic questions? What are main economic systems. This article helps to identify economic systems.
This article describes canons of TAXation and describes characteristics of a ‘good TAX’. It also explains three different TAX systems.
This article is about the equilibrium price determination, situations of market surplus and market shortage and shifts in demand and supply.
This article introduces Direct TAXation and Indirect TAXation. It also explains reasons for TAXation and describes the impact of TAXation on incentives.