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Marginal analysis
Economic decisions are taken in a marginal way, which means that decisions to produce, or consume, are…
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Increasing opportunity cost
Opportunity cost can be thought of in terms of how decisions to increase the production…
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Interpreting PPFs
Firstly, we can describe the opportunity cost to Mythica of producing a given output of computers or textbooks. For…
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Production possibility frontiers
An opportunity cost will usually arise whenever an economic agent chooses between alternative ways of…
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Samuelson’s three questions
America’s first Nobel Prize winner for economics, the late Paul Samuelson, is often credited with providing…
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Choice and opportunity cost
Choice and opportunity cost are two fundamental concepts in economics. Given that resources are limited, producers and consumers…
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The economic problem
All societies face the economic problem, which is the problem of how to make the best…
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The role of money in exchange
Money occupies a central role in market economies because it acts as a medium of…
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What is Economics?
What do you think Economics is? Is it a hard science used by bankers to make…