An economy is a large set of interrelated activities of production, consumption, and exchange that help determine how limited resources are distributed. The production, consumption, and distribution of goods and services are used to meet the needs of those who live and work within the economy, also known as the economic system. Understanding Economics An […]
Last-Minute Airline Ticket Prices: A Microeconomic Perspective on Opportunity Cost and Buyer Behavior Why do airline ticket prices skyrocket when you purchase them at the last minute when most other operations and retailers do the opposite? They sell them at a discounted price to get rid of the leftover tickets. Using what we have learned […]
Navigating the Economic Landscape: Microeconomics and Macroeconomics Unveiled Economics is part of our everyday life. Even though we do not notice, many actions and decisions we take are related to economics. Our need for goods often exceeds the actual things that we are able to attain. All of us, rich, poor, or wealthy, live in […]
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From the Beatles to a New Cold War: The Shift in Societal Unity Everyone knows the song where the Beatles preach the importance of love over hate: “All you need is love, all you need is love, love is all you need.” It’s quite terrifying how this message seems to get tuned out like white […]
Introduction: Economics is part of our everyday life. Even though we do not notice, many actions and decisions we take are related to economics. Our need for goods often exceeds the actual things that we are able to attain. All of us, rich, poor, or wealthy, live in a state of scarcity. The poor need […]
Macroeconomic Aspects of Inflation and Deflation In today’s times, the economy needs to react according to the trends set by consumers and society. This fluctuation is called inflation and deflation. Inflation in itself is defined as the “continual rise in the price level” of goods (Colander, 2013). When items such as food, clothing, housing, etc., […]
The Pencil and Macroeconomics: In macroeconomics, we watched a documentary. The documentary is about a pencil. The pencil is your best friend that we can use to write and to draw. The graphite with the pencil lightly writes on the paper. The eraser with the pencil easily erases the marks on the paper. The pencil […]