The term Economics originated from the Greek word 'oikonomos,' meaning household management. It is the study of how individuals, businesses, and ...

Economics can be subdivided into microeconomics and macroeconomics. The term micro means small. So, microeconomics studies the behavior of individual ...

Microeconomics helps markets, firms, and individuals optimize their outcomes by efficiently allocating scarce resources, whether it's time, money, or ...

In a world of limited resources, every decision involves trade-offs. It is a situation where one gives up one thing to gain another. For consumers, ...

Opportunity cost represents the benefit a person or business foregoes by choosing one alternative over another. It quantifies the cost of not selecting ...

A market is a complex network where buyers and sellers come together to exchange goods, services, or assets. It plays a key role in how our economy ...

The production possibilities frontier is a graphical representation of all the possible output combinations of two goods an economy can produce. This ...

When the production possibilities frontier rotates, the economy can increase or decrease the production of one good without sacrificing the output of ...

A rotation in the production possibilities frontier represents a change in the efficiency of resources, enabling increased production of one good without ...

Economics has two fundamental branches. They are positive and normative economics. Positive economics is about objective statements that can be tested and ...