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.
Trade-Offs occur where choosing one option means sacrificing something in return. There is a cost to the choice.
Selfish and Social Interests produce the Incentives that motivate decision-making processes.
The Circular Flow Diagram depicts the national economy -- the parties, the markets, and how they interact.
Value Creation is the process of creating new, greater value from the same, original resource. This generally occurs through manufacturing, trade, or marketing
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
Economics is the study of how and why people, organizations, and governments create, gather, trade, and divide resources.
On May 5, 2020, the NCBE made their official announcement regarding the July 2020 Bar Exam.
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.
Instructions on how to find out where your COVID-19 Economic Stimulus Payment has gone in 2020 and 2021.