The Work Force

Terms ⭐️ External costs are the costs that are imposed onto society ⭐️ Internal costs are the costs that the business includes ⭐️ Profit...

Market Structure

Grouped on the basis of certain market characteristics Describes the competition and price formation in a market through the interplay...

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...

The market: Introduction

Terms ⭐️ Assets are properties than can be sold, e.g. cars and shares. ⭐️ Passives are more or less like debt. ⭐️ Scarcity: Economic...