An incomplete market is one where some of the necessary conditions for market formation exist,…

The market mechanism is likely to fail to supply pure public goods because entrepreneurs are…

A significant market failure is the failure to produce some goods and services, despite being…

Economics is the scientific study of the ownership, use, and exchange of scarce resources - often shortened…

Economists frequently use index numbers when making comparisons over time. An index starts in a…

Economic decisions are taken in a marginal way, which means that decisions to produce, or consume, are…

Opportunity cost can be thought of in terms of how decisions to increase the production…

Any point on a PPF, such as points 'A' and 'B', is said to be…

Firstly, we can describe the opportunity cost to Mythica of producing a given output of computers or textbooks. For…

An opportunity cost will usually arise whenever an economic agent chooses between alternative ways of…