Economic Schools of Thought

The Purpose Economics as a science has two purposes: To explain economic phenomenons and correlations: ​Microeconomics ​Looks at the...

Market Failure

⭐️ Market failure is when the market alone cannot allocate the resources efficiently. Most economists assume that the market mechanism is...

The Market

Terms ⭐️ Market: Where buyer and seller meet to exchange goods and services ⭐️ Market mechanism: A mechanism that ensures that the price...