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…

Introduction ●      Everyone recognizes that physics is a science. Everyone also recognizes economics--a "social science"-- is…

Economic behaviour involves the exchange of one scarce resource for another. When people engage in…

The study of economics involves three related investigations. 1.      Why scarce resources are exchanged? 2.      How consumers and producers behave as they…

Markets are efficient at producing private goods, largely because producers and consumers have the right…

In compensating for the failure of markets to supply public andmerit goods, central and local government can intervene.…