Price elasticity of demand. This article will explain what PED is and will go through the different types of PED. Welcome to Simply Economics. This article is the seventh in a series to explain economics to those who want to broaden their scope of the subject. Click here to find out more about the series. Price elasticity […]
7.1 PRICE ELASTICITY OF DEMAND (PED) Read More »
Supply theory. This article will explain what the supply theory is and how the supply of a good is related to the price of the good. Furthermore, the article will explore movements along a supply curve and shifts in the supply curve. Welcome to Simply Economics. This article is the sixth in a series to
Demand theory. This article explains what the demand theory is and will go on to expound upon the demand law and how demand for a good and price of a good are inversely related. Furthermore, the article will discuss movements along and shifts in the demand curve. Welcome to Simply Economics. This article is the
Types of economies. How many different types of economies are the and how are resources allocated? This article will define what free market, mixed and command economies are and explain the advantages and disadvantages of each one. Welcome to Simply Economics. This article is the fourth in a series to explain economics to those who
4. Types of Economies Read More »
Division and specialisation of labour. How does it affect the efficiency of production? This article will explain the advantages and disadvantages of specialisation. Welcome to Simply Economics. This article is the third in a series to explain economics to those who want to broaden their scope of the subject. Click here to find out more about the
3. Division and Specialisation of Labour. Read More »
What are production possibility frontiers? This article explains what PPFs are and what causes movements along them and why they may shift inwards or outwards. The article also explains what opportunity costs are and how they can be represented in a PPF. Welcome to Simply Economics. This article is the second in a series to
2. Production Possibility Frontiers (PPF). Read More »
What is economics? This article explains the definition of economics and the fundamental assumptions held in order to produce economic models. Share this article using: Welcome to Simply Economics. This article is the first in a series to explain economics to those who want to start to understand the subject. The Nature of Economics. Economics
1. The Definition of Economics Read More »