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
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.
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.
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.
Economics is the study of how and why people, organizations, and governments create, gather, trade, and divide resources.
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”
The study of economics has historically been divided into two primary areas of study — Macroeconomics and Microeconomics.
Case Notes for Chae Chan Ping v. United States (130 U.S. 581). Herein a Chinese laborer was prohibited re-entry to the US under the Act of 1888. Key Issues included whether the act conflicted with pre-existing treaties or could be applied to those who left the US before the act was passed.
“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.
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.