Living Economics: The Opportunity Cost
The opportunity cost is defined as the second-best alternative use of the resource. A use that you sacrifice in using the resource in this way.
Living Economics: Incentive Driven Trade-Offs
Trade-Offs occur where choosing one option means sacrificing something in return. There is a cost to the choice.
Living Economics: The Power of Incentives
Selfish and Social Interests produce the Incentives that motivate decision-making processes.
Living Economics: Basic Circular Flow Diagram
The Circular Flow Diagram depicts the national economy -- the parties, the markets, and how they interact.
Living Economics: Value Creation
Value Creation is the process of creating new, greater value from the same, original resource. This generally occurs through manufacturing, trade, or marketing
Living Economics: The World of Resources
The five principal ways to categorize resources include: 1) Natural Resources v. Man-Made Resources 2) Unlimited Resources v. Limited Resources 3) Tangible Resources v. Intangible Resources 4) Variations of Business Assets 5) Capital v. Labor
Living Economics: What is Economics?
Economics is the study of how and why people, organizations, and governments create, gather, trade, and divide resources.
The NCBE Has Spoken – July 2020 Bar Exam Will Proceed
On May 5, 2020, the NCBE made their official announcement regarding the July 2020 Bar Exam.
Will the July 2020 Bar Exam be Delayed (End of April Update)
This follows up on our April 17th article "Will the July 2020 Bar Exam be Delayed" where we explained the issues with deciding whether to continue, cancel, or reschedule. As mentioned in that article, several states are waiting for the NCBE to make it's recommendation on May 5.
Find My Economic Stimulus Payment with the IRS
Instructions on how to find out where your COVID-19 Economic Stimulus Payment has gone in 2020 and 2021.