Category - Economics

Economics can be described as the study of scarcity and its implications for resource usage, production of goods/services, production growth and welfare over time, and a wide range of other complicated issues of vital significance to society.

Central Problem of Economics

For many years, Economists have pondered over the central problem of Economics. If this is your first time hearing the questions, you may think that these problems are easy to solve. However, for those of us who have a...

Inflation and Deflation

Many of us have a clue about the concept of inflation and deflation. After all, there were many instances in history where hyperinflation has spelt trouble in society. This includes the hyperinflation of the Hungarian...

Unemployment

We often hear the term “unemployment” in the news. Most of us have a general idea of what unemployment is but are not aware of the economics behind it. Today, we will be discussing the concept of unemployment, together...

Economic Growth

We often hear the term “economic growth” when discussing economics. Personally, I have been hearing this term for many years, especially on the news, without understanding what it means. As such, I hope that you will...

Elasticity

Now that you have understood how demand and supply work, it is crucial for us to discuss the concept of elasticity. Elasticity helps us gauge producers’ and consumers’ responses in a free market...

Standard of Living

When it comes to comparing two countries, we usually think about the standard of living in both countries. Well, I hail from the economically prosperous land of Singapore. Hypothetically, if I were to move to another...

The Great Depression

Whenever we mention how far the global economy has come today, we cannot leave the Great Depression out of our discussion. This is because it was the greatest economic decline ever experienced in history. It majorly...