Traditional economics views humans as robotic machines who make calculated decisions based on logic. In contrast, behavioural economics views humans as irrational and emotional beings who ar…
Break-even analysis is a technique widely used by production management and management accountants. It is based on categorising production costs between those which are "variable" (costs that change when the production output changes) and those that are "fixed" (costs not directly related to the volume of production).Total variable and fixed costs are compared with sales revenue in order to determine the level of sales volume, sales value or production at which the business makes neither a profit nor a loss (the "break-even point").
The most basic concept in economics is (duh!) the 4 factors of production – the component parts of the entire economy. An understanding of these is VITAL! Heres the PDF PIIGSTY Econ 101 #1 F…
Our Supply and Demand Poster is a great educational resource that will help you create relevant and engaging Business classrooms.
Fiscal Policy, Budget, Direct and Indirect Taxes, Plan and Non Plan expenditure, Fundamentals of Subsidies explained in detail.
A breakdown of which factors that comprise economic complexity, and which global economies rank the highest.
Balaji Viswanathan outlines the top ten things you need to know about economics.
Adam Smith Adam Smith emphasized the importance of three interrelated things: 1) Division of labour 2) Free trade and 3) Limited role of the government. Watch this video on Adam Smith Karl Marx Karl Marx believed that labour is the source of all value, but, workers are only paid enough to survive. Watch this video of Karl Marx and alienation. John Maynard Keynes John Maynard Keynes main believe was that level of economic activity is determined by the aggregate demand of goods and services. Watch this video on Keynes.
A remarkably even-handed infographic here on two major competing schools of economics. Hat tip The Rational Standard, who have a brief snippet outlining the crux of the Austrian Business Cycle Theory. Good on them. .
What is Macroeconomics? A Knowledge Archive %
How to distinguish between Price Elasticity and Income Elasticity of Demand? Both Price Elasticity of Demand and Income Elasticity of Demand measures the
In business expansion, producers may benefit from the emergence of economies of scale. These economies are broadly classified as either internal economies or external economies.
