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Economic Theory

A collection of Articles that aim to dive into economics as a study. You can find basic economic theory to advanced economic theory here.

Game Theory: Can oligopolies maximize profits?

Introduction Oligopoly is a market structure with only a few sellers occupying the majority of the market share and offering a similar/identical product. The market...
capitalism vs socialism

Capitalism Vs. Socialism: Which Is Superior?

 Throughout history, the economic ideologies of both capitalism and socialism have dominated the economic, and, indeed, the political sphere.Some argue that capitalist economies...
Gas Station Prices

The Gas Station Argument: Why Direct Competition Leads To Different Prices

  Fields. Rural towns. Big cities. Different gas stations charge different prices. This is a simple principle in economics. Price elasticity of demand. To Calculate elasticity...
gold prices

The Two Factors That Influence Gold Prices

Here’s two of the most intuitive factors: Supply and demand as well as inflation. It may be an oft-overlooked point, but simple supply-and-demand economics can...
the law of demand

What Does The “Law Of Demand” State?

The law of demand is a microeconomic law that states, all other factors being equal, as the price of a good or service increases,...
Easterlin Paradox

The Easterlin Paradox Explained

  What is the Easterlin Paradox? The Easterlin Paradox tells us whether we are more contented and at an advantage, as our living standards improve. In the...
keynesian

Resurgence Of The Keynesian Economic Theory

Introduction  In the tumultuous global macroeconomic climate, which we find ourselves in today, people are increasingly looking back in time at the ideas of one...
economic stability

What Makes An Economy ‘Stable?’

There are a number of different factors that affect the economic stability of a country, such as the development of technology, human capital, levels...
economic system

What Are The Different Types Of Economic Systems?

There are four main types of economies in today’s world. 1. Traditional Economic System A traditional economic system is the best place to start because it...
consumer surplus

What Is A Consumer Surplus?

  Consumer surplus is basically an economic measure of consumer benefit, which is calculated by analyzing the difference between what consumers are willing and able...

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