Introduction ●      Definition: The nominal price of a good is its value in terms of money,…

Economists use scientific observation and deduction in their investigations. To achieve this they: Describe and measure the…

Introduction ●      Opportunity cost refers to what you have to give up to buy what you…

Introduction In economics, incentives matter. If you make decisions without thinking about your personal incentives,…

Introduction ●      The word "welfare" has two very different meanings in economics. The most familiar meaning…

Introduction ●      You may wonder what property rights have to do with economics. Your property--your house,…

Introduction ●      Cost-benefit analysis and benefit-cost analysis refer to the same thing--weighing the pros and cons…

Introduction Definitions and Basics ●      Capitalism, from the Concise Encyclopedia of Economics ●      Capitalism, a term of disparagement coined…

Introduction Definitions and Basics ●      Efficiency, by Paul Heyne, from the Concise Encyclopedia of Economics ●      To economists, efficiency…

Introduction ●      In economics, scarcity refers to limitations--limited goods or services, limited time, or limited abilities…