In an attempt to extend additional tax breaks for people who contributed to charity during the past year when so many needed the help, the IRS is offering higher than usual tax deductions for some taxpayers. Continue reading Record Your Charitable Donations
While the benefits (and costs) of trade are numerous, economists tend to prioritize three key “gains” that the economy receives from domestic and global trade. Read more to learn about specialization, absolute advantage, and comparative advantage Continue reading Living Economics: The Three Main Benefits of Trade
The PPF is a model or graph demonstrating the trade-off involved in shifting production between two products where all resources are already in use. This article incorporates clear charts and examples to demonstrate how the PPF works. Continue reading Living Economics: Marginal Cost and Utility on the Production Possibility Frontier (PPF)
The circular flow diagram is perhaps overly simplified and becomes increasingly complex as other parties and transactions form. The inclusion of foreign, governmental, and monetary institutions adds to the complexity of the system. Continue reading Living Economics: The Expanded Circular Flow Diagram
The Resource Management cycle is divided into four stages (Create, Gather, Trade, Divide), each with the possibility for disruptions to arise and each having its own issues and concerns. Continue reading Living Economics: The Resource Management System
Economics is the study of how and why people, organizations, and governments create, gather, trade, and divide resources. Continue reading Living Economics: Tools of the Trade
Is the Bar Exam truly necessary to prove an applicant is qualified? The Legal Industry’s current implementation of the exam would suggest the answer is “No” Continue reading New Update to Fall 2020 Bar Exam
The study of economics has historically been divided into two primary areas of study — Macroeconomics and Microeconomics. Continue reading Living Economics: Macroeconomics v. Microeconomics
“Currency Futures” are financial contracts wherein a buyer and seller agree to exchange money at a future date using a predetermined rate; thus minimizing risks from potentially volatile and costly exchange rates.
This article examines how futures work. Continue reading Currency Futures and How They Work (With Examples)
Explicit Costs are the cost of resources traded in external markets. Implicit Costs are the value of resources sacrificed by the owner for the sake of the company. Continue reading Living Economics: Implicit and Explicit Costs
