Month: October 2023

Public Goods Public goods are non-excludable and non-rivalrous. This means no one can be excluded from using the

A subsidy is a grant provided by the government to stimulate the production and consumption of a good

Tax incidence refers to the study of how the burden of a tax is shared among the participants

Price Ceilings A price ceiling is a legally imposed maximum price for a good or service. Sellers cannot

Consumer Surplus Consumer surplus is an economic concept that measures the benefit consumers gain from a transaction. Specifically,

What is Market Failure? Market failure happens when the market can’t allocate resources efficiently, leading to a loss

Bounded Rationality Bounded rationality is a concept that describes the limitations humans face when making decisions. It challenges

Bounded Rationality Bounded rationality is a concept that describes the limitations humans face when making decisions. It challenges

Scarcity in Economics Three Key Questions In economics, scarcity often leads to three key questions: These questions arise

The Law of Supply What is Supply? Supply refers to the quantity of a good or service that